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Summit Healthcare REIT Buys Arizona Assisted Living Facility

Summit Healthcare REIT Inc., a publicly registered non-traded real estate investment trust, acquired Pennington Gardens Assisted Living and Memory Care, an assisted living and memory care facility located in Chandler, Arizona for $13.4 million.

The 90-bed facility is located within close proximity to Dignity Health Chandler Regional Medical Center and will be leased to Compass Senior Living, an operator who leases six other facilities in Summit’s portfolio.

Summit Healthcare REIT, which focuses on investing in senior housing facilities, closed its offering in November 2010 after raising $172 million in equity, according to Summit Investment Research. As of the first quarter of 2017, the company’s portfolio consisted of 11 properties that were purchased for a combined $82.3 million. The company also holds a minority interest in three investments vehicles that own a combined 21 properties.

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