DURHAM, N.C. — National Health Investors Inc. (NYSE: NHI) and Navion Senior Solutions have acquired Spring Arbor of Durham, a 32-unit assisted living and memory care community in Durham.
The acquisition was made as part of a purchase option NHI negotiated with Navion, formerly known as Ravn Senior Solutions. NHI’s investment includes a purchase price of $7.6 million and $650,000 for a four-unit expansion and capital improvements to the property. NHI purchased the community with a draw on its revolving credit facility. Navion’s investment was not disclosed.
Navion will rename the property Carolina Reserve of Durham and will operate the community under an existing master lease with NHI that has 14 years remaining. Navion’s portfolio now includes four communities, all in North Carolina, with further expansion plans in place for 2018.