BRIDGEPORT and SAGINAW, Mich. — National Health Investors Inc. (NYSE: NHI) has acquired a two-property assisted living and memory care portfolio in Central Michigan for $17.1 million.
The two properties are the 51-unit Bavarian Comfort Care in Bridgeport and the 53-unit Shields Comfort Care in Saginaw. The communities are just a few miles apart approximately 110 miles northwest of Detroit.
The seller, Comfort Care Senior Living, will continue to operate the properties following the sale. NHI also holds a purchase option on two more Comfort Care communities in Michigan. This is the first deal between the two companies.
The new lease features an average yield of 8.1 percent with CPI-based escalators.
Founded in 2013, Comfort Care is an owner, operator and developer of assisted living and memory care communities based in Saginaw. NHI is a publicly traded REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing for seniors housing and healthcare investments.