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National Health Investors Acquires $68M Assisted Living Portfolio

LTC Sells Five Sunrise Communities Totaling 320 Units
May 14, 2018
The Sunrise of Rocky River Senior Apts. at 21600 Detroit Rd. in Rocky River, OH

National Health Investors (NHI), a Murfreesboro, TN-based real estate investment trust, purchased five assisted living and memory care communities totaling 320 units from Westlake Village, CA-based LTC Properties (LTC) for $67.5 million.

The properties in the Sunrise portfolio include:

  • Sunrise of Rocky River Senior Apts. at 21600 Detroit Rd. in Rocky River, OH.
  • Sunrise on the Scioto at 3500 Riverside Dr. in Columbus, OH.
  • Sunrise of Bexley at 3600 E. Main St. in Bexley, OH.
  • Sunrise at Worthington at 6525 N. High St. in Worthington, OH.
  • Sunrise at Presque Isle Bay at 1012 W. Bayfront Pky. in Erie, PA.

The communities will be leased to an affiliate of Bickford Senior Living at an initial rate of 6.85 percent with annual fixed escalators and a 15-year maturity, according to a press release.

“This transaction demonstrates the asset value of our portfolio, affording us the opportunity to strategically recycle capital and continue investing in newer, modernized assets,” said Wendy Simpson, CEO and president of LTC (NYSE: LTC).

Please refer to CoStar COMPS # 4241504 for additional information regarding this transaction.
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