LAKE FOREST, Calif. — Summit Healthcare REIT Inc. has acquired an interest in 14 skilled nursing and assisted living facilities throughout Indiana.
The facilities consist of a total of over 1,100 licensed beds and will be leased back to the seller on a triple-net basis.
The $125 million acquisition was made through a newly formed joint venture among a wholly owned subsidiary of Summit, a real estate holding company and a global institutional asset management firm. Summit holds a 15 percent interest in the joint venture.
“The new joint venture will continue to focus on quality regional operators, but on a larger scale,” says Kent Eikanas, president and COO of Summit.
Lake Forest-based Summit is a publicly registered, non-traded REIT focused on investing in seniors housing throughout the United States. The company’s current portfolio includes interests in 57 communities in 14 states.