Summit Healthcare REIT has acquired a three-property skilled nursing portfolio in San Bernardino County for $20 million. The three facilities total 191 licensed beds. Rockwell Healthcare is operating the facilities on a triple-net lease.

Summit and Rockwell have both expressed excitement in forging this new relationship, which also marks Rockwell's foray into the Inland Empire market. Summit CEO Kent Eikanas said that Rockwell offers invaluable industry experience, and that this is the beginning of a long relationship with room for growth. While Elizabeth Pagliarini, Summit's CFO and COO, noted the impressive dedication of Rockwell's team, calling the company a "rare gem."

The partnership between the two leaders in the skilled nursing space is notable following a disruptive year. While hotels and retail made most of the headlines, skilled nursing was among the asset classes most impacted by the pandemic. The road out of the pandemic has been bumpy. In May, a report from NIC MAP Vision showed signs of recovery. The occupancy at US skilled nursing facilities increased from 70.7% in January to 71.2% in February 2021, returning to occupancy rates at the end of 2020. Still, the industry is 13.7% below pre-pandemic occupancy.