Public, non-traded REIT Summit Healthcare REIT, Inc. (Summit), recently acquired an assisted living facility in Front Royal, Virginia for $14.3 million.
The 84-bed, 46,844 square foot facility will be leased to an affiliate of Meridian Senior Living, LLC (Meridian) under a 15-year triple net lease.
Summit and Meridian have a history, with five other properties in the REIT’s portfolio operated by Meridian.
“This is another exciting opportunity to partner with the excellent team at Meridian,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “We have been very pleased with the job they have done at our other facilities and together we have been able to work toward achieving mutual goals.”
Meridian operates 114 communities serving over 7,000 residents across 14 states.
Summit’s portfolio includes 17 healthcare related properties.