Non-traded REIT, American Realty Capital Healthcare Trust II (ARC Healthcare II) has recently acquired a portfolio of 12 Iowan senior housing communities, dubbed the “Sunnybrook Portfolio”.The portfolio is comprised of 563,900 rentable square feet and was purchased for an aggregate contract purchase price of $164.2 million, exclusive of closing costs. ARC Healthcare II funded the acquisition with proceeds from its ongoing initial public offering, which as of June 30, 2014, the aggregate value of all share issuances and subscriptions of common stock outstanding was $1.3 billion.
Built between 2003 and 2009, the Sunnybrook Portfolio properties are located in the Iowa cities of Burlington, Carroll, Fairfield, Fort Madison, Mt. Pleasant, Muscatine, Cedar Rapids, Clinton, Des Moines, Independence, Ottumwa and Tipton.
Formed in 2012 and sponsored by American Realty Capital, ARC Healthcare II seeks to acquire a diversified portfolio of real estate properties, focusing primarily on healthcare-related assets, which include medical office buildings, seniors housing, and other healthcare-related facilities.
According to the MTS Research Advisors Non-Listed REIT Fact Sheets, through the end of June 2014, the REIT’s portfolio consisted of 24 properties which were 94% occupied.