American Healthcare Investors and Griffin Capital Co., the co-sponsors of Griffin-American Healthcare REIT IV, have completed the acquisition of the 1,140-unit, nine-property Central Florida Senior Housing Portfolio for approximately $110 million.
The seller was New Senior Investment Group.
The portfolio’s properties are located throughout the Greater Tampa and Greater Orlando communities of Bradenton, Brooksville, Lake Placid, Lakeland, Pinellas Park, Sanford, Spring Hill and Winter Haven.
The acquisition was completed pursuant to a joint venture with an affiliate of Meridian Senior Living, LLC, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare REIT IV owns approximately 98 percent of the joint venture and acts as its managing member. The portfolio was acquired under a RIDEA structure, which allows for the joint venture partners to participate in both the rental and operational cash flow of each property.
Central Florida Senior Housing Portfolio totals approximately 814,000 square feet of assisted living, independent living and memory care space and had an aggregate occupancy rate of approximately 84 percent, as of Sept. 30, 2017. During the past three years, approximately $6.5 million in capital investments have been made to modernize and improve the properties by the former owner.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and, as of the date of acquisition of Central Florida Senior Housing Portfolio, has acquired a portfolio of 40 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $466 million.
