LAFAYETTE, La. — Cushman & Wakefield has arranged the sale of Rosewood Retirement & Assisted Living and Cedar Crest Personal Memory Assisted Living, both located in Lafayette, La., for an undisclosed price.
Griffin-American Healthcare REIT IV purchased the portfolio from local owner-operators Hannie Development and Cedar Crest LLC. Griffin-American funded the purchase with cash from its initial public offering and borrowings under its line of credit with Bank of America NA and KeyBank National Association.
Built in 1997 and 2015, respectively, Rosewood offers 70 units of independent and assisted living and Cedar Crest offers 37 units of memory care. The two buildings are located less than one mile from each other and total approximately 80,000 square feet.
An affiliate of Colonial Oaks Senior Living operates the property under a 15-year lease with two 10-year renewal options. Colonial operates nine seniors housing communities in Texas, Georgia and Louisiana.
Robert Black and Sean McNee of Cushman & Wakefield facilitated the sale.