Non-Traded REIT Acquires Two Colorado Facilities

Venturing into new territory, California-based Summit Healthcare REIT (Summit) has acquired two skilled nursing facilities in Colorado. For a combined purchase price of approximately $8 million, Summit acquired Juniper Village at Lamar and Juniper Village at Monte Vista.

Juniper Village at Lamar is 22,000 square feet and is located in Lamar, Colorado while Juniper Village at Monte Vista is 20,000 square feet and is located in Monte Vista, Colorado.

Both properties, originally built in 1972, have 60 beds and were renovated in 2008.

The properties are leased to an affiliate of Dakavia Management Corporation of Salem, Oregon under 15-year triple net leases.

“We have been pleased with the relationship with Dakavia as they have been a great partner and operator for us,” commented Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “We look forward to our continued growth with Dakavia.”

Dakavia also operates three other properties in Summit’s portfolio and has more than 20 years of experience in the business of skilled nursing.

“Summit has been a great group to work with and an important part of our strategic growth,” added Kent Emry, President of Dakavia Management Corp.

These acquisitions are Summit’s first in Colorado and the non-traded REIT’s first since becoming self-managed earlier in the year.

The REIT, formerly known as Cornerstone Core Properties REIT, focuses on investing in senior housing real estate throughout the United States.

Summit purchased these facilities using cash on hand and a $6 million loan secured by the properties.