Summit Healthcare REIT JV Acquires Interest in Texas Skilled Nursing Portfolio

Summit Healthcare REIT Inc., a publicly registered non-traded real estate investment trust, acquired a 10 percent interest in four skilled nursing facilities located in the cities of Granbury, Woodville, Jacksonville, and Longview, Texas, for a purchase price of $27 million in a sale-leaseback transaction. The facilities consist of a total of 483 licensed beds, and will be operated by and leased to a third party operator.

The acquisition was made through a joint venture between Summit Healthcare Operating Partnership, LP, which is wholly owned by the REIT, and Best Years LLC. Summit Operating Partnership has successfully partnered with Best Years, LLC in previous acquisitions.

“We are excited to see the growth of the REIT’s portfolio and look forward to continuing our relationship with Best Years, LLC,” said Kent Eikanas, president and chief operating officer of Summit.

Summit Healthcare REIT is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 21 long-term triple-net leased healthcare facilities.