(To read more on the multifamily market, click here.)
NEWTON, MA-Senior Housing Properties Trust has inked a $31.2-million deal to acquire three senior living properties in Georgia and Mississippi, bringing the REIT's total senior healthcare holding to 196 properties in 33 states.
Tim Bonang, manger of investor relations for the locally based REIT, tells GlobeSt.com that the properties, located in Savannah, GA, and Oxford and Southhaven, MS, presented a long-term opportunity to grow occupancy rates at the facilities, which are between 93% and 100% occupied. "We think they're very well-positioned in good markets," he says.
The Oxford and Southhaven acquisitions were the first in Mississippi for Senior Housing Properties, which acquires private-pay senior living facilities. The name of the seller of all three properties was not disclosed.
As part of the acquisition arrangement, the REIT also signed a long-term lease with Five Star Quality Care Inc., an operator of senior living communities, for all three facilities. Five Star will pay $2.6 million per year in rent plus future rent increases based on revenue increases at the facilities.
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