ST. LOUIS, MO – American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced that the REIT has acquired the 229-unit SW Illinois Senior Housing Portfolio located in the Greater St. Louis Metropolitan Area cities of Columbia, Millstadt, Red Bud and Waterloo, Illinois.
The five-building SW Illinois Senior Housing Portfolio totals approximately 190,000 square feet of independent and assisted living space. The portfolio is 100 percent private pay and operated by an affiliate of Compass Senior Living, LLC under a 15-year absolute net lease with two 10-year renewal options and annual rent escalators of 5.5 percent after the first year and 2.5 percent thereafter. With the inclusion of SW Illinois Senior Housing Portfolio, Compass Senior Living owns and/or operates 19 senior housing communities in Arizona, California, Illinois, New Mexico, Oregon and Wisconsin.
“The purchase of SW Illinois Senior Housing Portfolio adds greater geographic and asset diversification to the growing portfolio of Griffin-American Healthcare REIT IV with well-performing senior housing facilities leased to an experienced operator under a long-term absolute net lease,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.
SW Illinois Senior Housing Portfolio was acquired from A&M Property Holding, LLC, an unaffiliated third party represented by Jeff Binder and Patrick Byrne of Senior Living Investment Brokerage. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America, N.A. and KeyBank, National Association.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since acquired a portfolio of 21 medical office buildings and senior housing facilities for an aggregate contract purchase price of approximately $261 million.