American Realty Capital Healthcare Trust III Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, purchased Cedarhurst of Collinsville, a seniors housing community located in Collinsville, Illinois for an aggregate purchase price of $11.6 million, exclusive of closing costs.
Cedarhurst of Collinsville, which is approximately 15 miles from St. Louis, Missouri, contains 56,700 rentable square feet and 68 assisted living apartments. Cedarhurst Living LLC, an independent eligible contractor, will manage the property and receive a market rate management fee pursuant to a management contract.
American Realty Capital Healthcare Trust III funded the acquisition with proceeds from its ongoing initial public offering of common stock. At closing, they paid an acquisition fee of $0.2 million to their advisor, American Realty Capital Healthcare III Advisors, LLC.
Earlier this week, The DI Wire reported that the REIT acquired the Philip Professional Center, two adjacent medical office buildings in the Atlanta suburb of Lawrenceville, Georgia.
American Realty Capital Healthcare Trust III Inc. is a publicly registered, non-traded real estate investment trust which seeks to acquire a diversified portfolio of real estate properties, focusing primarily on healthcare-related assets, including medical office buildings, seniors housing and other healthcare-related facilities.