Public, non-traded REIT Griffin-American Healthcare REIT III (Healthcare REIT III) recently announced that it completed over $350 million in acquisitions during the first quarter of 2015. Sponsored by American Healthcare Investors and Griffin Capital Corporation, the REIT acquired 18 healthcare properties across 11 states and one collateralized debt obligation for a total price of $353.7 million.
“Griffin-American Healthcare REIT III remained very active on the acquisition front during the first quarter of the year, adding a diverse collection of healthcare properties to our rapidly growing portfolio,” commented Danny Prosky, president and chief operating officer.
The properties consist of 14 medical office buildings, 3 senior housing facilities, and a surgical hospital.
Prosky added, “In just six months’ time, we have grown from approximately $41 million worth of assets to more than $631 million with a robust pipeline of acquisitions on the horizon.”
Prosky and his team aren’t stopping there. Healthcare REIT III has executed letters of intent and purchase and sale agreements to add 30 more healthcare-related properties to its portfolio at an aggregate cost of about $509 million.
The REIT, a $1.9 billion initial public offering, was declared effective in February 2014. Healthcare REIT III terminated the primary portion of its offering March 12, 2015, as reported by The DI Wire, after raising $1.84 billion in just over a year.