March 26, 2019
LAKE FOREST, CA–Summit Healthcare REIT, Inc. (“Summit”) announced that it has acquired an interest in 14 skilled nursing/assisted living facilities throughout Indiana on March 13, 2019. The facilities, acquired for $125 million, consist of a total of over 1,100 licensed beds and will be leased back to the seller on a triple net basis. The acquisition was made through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. Summit holds a 15% membership interest in the joint venture.
“The new joint venture will continue to focus on quality regional operators, but on a larger scale,” said Kent Eikanas, President & Chief Operating Officer.
Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 57 Senior Housing facilities in 14 states.