Griffin-American Acquires Five-Property Portfolio in St. Louis Metro

Garden Place Senior Living in Waterloo Garden Place Senior Living in Waterloo

ST. LOUIS — Griffin-American Healthcare REIT IV has acquired a five-property, 229-unit seniors housing portfolio. Although the properties are all in the St. Louis metro area, they are all located across the state border in the Illinois towns of Columbia, Millstadt, Red Bud and Waterloo.

The portfolio is 100 percent private pay, featuring 190,000 square feet of independent living and assisted living. With the exception of Garden Place Senior Living in Waterloo, the names of properties were not disclosed.

Compass Senior Living will operate the communities under a 15-year absolute net lease with two 10-year renewal options. The rent will escalate 5.5 percent after the first year, and 2.5 percent every year thereafter. With the addition of this portfolio, Compass now manages 19 communities in Arizona, California, Illinois, New Mexico, Oregon and Wisconsin.

Griffin-American Healthcare REIT IV, a joint venture between American Healthcare Investors and Griffin Capital Co., financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America and KeyBank.

Jeff Binder and Patrick Byrne of Senior Living Investment Brokerage represented the seller, A&M Property Holding, in the transaction. The price was not disclosed.

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