The joint venture has paid $91 million for the campuses, which are scattered throughout 10 states. They contain a total of 43 recently completed buildings with 1,407 units, which are currently 84% occupied. Alterra Healthcare Corp. operates the facilities and will continue to do so, according to the terms of a new master lease.
"This acquisition represents a strong investment opportunity for JER to acquire an attractive, geographically diversified portfolio of high-yielding properties at what we believe is a significant discount to their replacement cost," says Joseph E. Robert Jr., the company's founder, chairman and CEO.
JER, which is the investment arm of J.E. Robert Cos., and the Newport Beach-based REIT Nationwide Health Properties created the joint venture nearly one year ago with the specific aim of acquiring senior housing properties.
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