IOWA — Lancaster Pollard’s M&A team, a unit of the Ohio-based real estate mortgage and investment banking firm, has arranged the sale of a six-property, 551-bed seniors housing portfolio throughout Iowa for $29.5 million.
Lancaster Pollard represented the seller, Hawkeye Care Centers. The portfolio is mostly skilled nursing, but three of the properties include a small portion of assisted or independent living. The purchase price equates to $53,500 per bed.
Summit Healthcare REIT purchased the properties and entered into a triple-net lease agreement with Accura HealthCare, an Iowa-based senior care provider. With this acquisition, Accura HealthCare now operates 18 facilities in Iowa.
Chad Elliott, Quintin Harris and Kevin Laidlaw led the transaction for Lancaster Pollard.