JER Sells Off Two Assisted-Living Portfolios

MCLEAN, VA-In a transaction valued at $121 million, JER Partners transfers ownership of its 75% interest in two assisted-living portfolios to joint venture partner health care facility REIT Nationwide Health Properties Inc. of Newport Beach, CA. The two companies had acquired the portfolios, which consist of 46 assisted-living and Alzheimer’s facilities across 12 states, together as JER/NHP Senior Housing LLC back in 2002.

The properties are under a long-term master lease with Alterra Healthcare. Part of the deal called for Nationwide’s assumption of the approximately $45 million that accounts for JER’s portion of the JV’s secured debt. The payment was based on the 1,550-unit portfolios’ valuation of $166 million.