CITRUS HEIGHTS, Calif., and CORVALLIS, Ore. — Summit Healthcare REIT has acquired 20 percent interest in two seniors housing communities — Sun Oak Senior Living and Regent Court Senior Living— for $23 million.
Summit, a non-traded REIT based in Lake Forest, Calif., acquired the interest from an undisclosed, publicly traded REIT. The two properties are leased to Compass Senior Living, an Oregon-based operator.
Sun Oak Senior Living is a 78-bed assisted living and memory care community in the Sacramento suburb of Citrus Heights. Regent Court is a 48-bed memory care community in Corvallis, approximately midway between Portland and Eugene.
Capital One – Healthcare Financial Solutions LLC provided financing for the transaction.
Blueprint Healthcare Real Estate Advisors, a brokerage firm based in Chicago, arranged the deal. Tim Cobb led the Blueprint team.