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Griffin-American Healthcare REIT IV Acquires Assisted Living Facility in Beaumont, Texas for $19.5 Million
BEAUMONT, Texas (July 3, 2018) – American Healthcare Investors, LLC and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced today that the REIT has acquired an assisted living facility located in Beaumont, Texas for $19.5 million.
Situated on 4.38 acres of land, Pinnacle Beaumont Assisted Living Facility is comprised of 79 units and consists of approximately 61,000 square feet of assisted living and memory care space. 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 property was acquired under a RIDEA1 structure, which allows for the joint venture partners to participate in both the rental and operational cash flow of the property.
“The acquisition of Pinnacle Beaumont Assisted Living Facility further diversifies our growing portfolio in terms of asset class as well as geographically,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “In addition, this acquisition expands our relationship with Meridian Senior Living, a senior housing operator with extensive experience and expertise.”
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and, as of the date of acquisition of Pinnacle Beaumont Assisted Living Facility, has since acquired a 2.8 million-square-foot portfolio of 46 medical office buildings, senior housing facilities (including assisted living facilities) and skilled nursing facilities located in 17 states for an aggregate contract purchase price of approximately $555.6 million. Additionally, the company is pursuing approximately $475.4 million in additional pending acquisitions2 which would result in a total portfolio of approximately 98 healthcare buildings located in 22 states comprised of approximately 4.7 million square feet of gross leasable area upon the successful completion of these potential acquisitions.
1 The operation of healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007 is commonly referred to as a “RIDEA” structure.
2 Comprised of prospective real estate acquisitions for which the company has executed letters of intent and/or purchase and sale agreements as of June 12, 2018. These prospective acquisitions are subject to substantial closing conditions and the satisfaction of other requirements as detailed in the agreements. Accordingly, the closing of some or all of these pending transactions may not occur.
Posted in Press Release on Jul 02, 2018