Summit Healthcare REIT, a non-traded REIT focusing on senior housing, has acquired a skilled nursing facility in Myrtle Point, Oregon. The REIT purchased the 55-bed facility from KEmry Properties LLC, an affiliate of Dakavia Management Corporation, for $4.15 million.
The 18,105 square-foot facility is leased to an affiliate of Dakavia under a 15 year triple net lease. Dakavia operates five other facilities in Summit’s portfolio and has over twenty years of experience in the skilled nursing industry.
“Dakavia continues to prove a valuable partner in our strategic growth efforts,” commented Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “We are excited to see our relationship with Dakavia expand, and we look forward to additional opportunities in the future,” he added.
Summit Healthcare REIT, formerly known as Cornerstone Core Properties REIT, acquired the Myrtle Point property with cash on hand, as well as a first priority mortgage loan secured by the property and cross-collateralized with two of the REIT’s other properties, Juniper Village at Lamar and Juniper Village at Monte Vista.