TAMPA and ORLANDO, Fla. — Griffin-American Healthcare REIT IV Inc., co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a nine-property seniors housing portfolio totaling 1,140 units in Central Florida.
The properties are located in cities throughout greater Tampa and Orlando. Acquisitions include Spring Haven Retirement in Winter Haven; Lake Morton Plaza in Lakeland; Renaissance Retirement in Sanford; Forest Oaks in Spring Hill; Bayside Terrace in Pinellas Park; Balmoral Assisted Living in Lake Placid; Bradenton Oaks in Bradenton; and The Grande and Spring Oaks, both located in Brooksville.
The portfolio contains 814,000 square feet of assisted living, independent living and memory care space and has an aggregate occupancy rate of approximately 84 percent. The properties have undergone renovations by the former owner, New Senior Investment Group, over the course of the last three years.
The acquisition was completed via 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 owns approximately 98 percent of the joint venture.
"The addition of the Central Florida seniors housing portfolio provides the REIT with a significant footprint in Florida amidst a large and aging population that is increasingly likely to transition to senior living communities," says Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.
American Healthcare Investors is an investment management firm that specializes in the acquisition and management of healthcare-related real estate. The company oversees an approximately 30 million-square-foot portfolio valued at approximately $8.7 billion on behalf of multiple investment programs.
Griffin Capital Company LLC is an alternative investment asset manager with approximately $9.5 billion in assets under management. Together, Griffin-American Healthcare REIT IV intends to build a portfolio of healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities and seniors housing.
— Katie Sloan