Summit Healthcare REIT, Inc. Acquires Two Senior Living Centers

Public, non-traded REIT Summit Healthcare REIT, Inc. recently announced the acquisition of two senior living facilities for an aggregate cost of $14.2 million

Both properties are located in Oregon and will be operated and leased by Sapphire Health Services (Sapphire), an experienced operator of assisted living, skilled nursing, and independent living facilities.

Gateway Care and Retirement Center in Portland, Oregon offers 59 beds for skilled nursing services and 32 private apartments within a 38,034 square foot facility.

In Salem, Oregon, Applewood Retirement Community offers 69 independent living apartments within a 45,563 square foot facility.

“We are excited to begin a relationship with Sapphire and look forward to working long-term with this exceptional operating team,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. in a statement.

“Sapphire is excited about forging a new partnership with Summit. Summit has an experienced team, proven in handling complex acquisitions and lease-back transactions. In our experience, Summit was exceptional in making the transaction as smooth and calm as possible,” said Kevin Ricker, Co-Owner of Sapphire Health Services. “We look forward to our next acquisition together.”

Both properties are under a 15-year triple net lease agreement.