Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Company, has agreed to purchase the Songbird SNF Portfolio, a 625,000-square-foot portfolio of 24 healthcare facilities located in Illinois and Missouri, for $78.5 million plus closing costs.
The 2,104-bed Songbird SNF Portfolio is comprised of 21 skilled nursing facilities and one assisted living facility located in Illinois, and two skilled nursing facilities located in Missouri. The company noted that the portfolio will be 100 percent leased at time of acquisition, which is expected to occur in the third quarter of 2018.The company intends to fund the acquisition with funds raised through the initial public offering and debt financing.
In other company news, the REIT recently purchased the Grand Junction Medical Office Building located in Grand Junction, Colorado for $31.5 million, as reported by The DI Wire.
Griffin-American Healthcare REIT IV invests in medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT commenced its initial public offering in February 2016 had raised $526.4 million in investor equity as July 2, 2018. Griffin-American Healthcare REIT IV oversees a 2.8 million-square-foot portfolio of 47 properties purchased for approximately $587.1 million.