Griffin-American Healthcare REIT IV Joint Venture Buys Texas Assisted Living Facility
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 purchased an assisted living facility located in Beaumont, Texas for $19.5 million.
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 purchased an assisted living facility located in Beaumont, Texas for $19.5 million.
Situated on more than four acres of land, Pinnacle Beaumont Assisted Living Facility is comprised of 79 units and consists of approximately 61,000 square feet of assisted living and memory care space.
The property was purchased in a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare REIT IV owns approximately 98 percent of the joint venture and acts as its managing member.
“The acquisition of Pinnacle Beaumont Assisted Living Facility further diversifies our growing portfolio in terms of asset class as well as geographically,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “In addition, this acquisition expands our relationship with Meridian Senior Living, a senior housing operator with extensive experience and expertise.”
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 $463 million in investor equity as of the first quarter of 2018. Griffin-American Healthcare REIT IV oversees a 2.8 million-square-foot portfolio of 46 properties purchased for approximately $555.6 million.
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