MCMINNVILLE, ORE. — National Health Investors (NYSE: NHI) has purchased the entire portfolio of FirCrest Community Living for $36.6 million. The transaction included three seniors housing communities, all located in McMinnville, approximately 35 miles southwest of Portland.
The three facilities are located within four miles of each other and feature a total of 134 units and 181 beds. The facilities were constructed in 2008, 2014 and 2015, and offer memory care, assisted living and independent living care services.
Evans Senior Investments represented the seller the transaction, which included FirCrest Community, Maple Valley and Cherrywood Memory Care. The purchase price equates to $272,388 per unit.
NHI immediately leased all three communities to Chancellor Health Care. The lease term is for 15 years with an annual lease rate of 7.5 percent plus annual fixed escalators. With the three new communities, NHI now leases seven seniors housing communities to Chancellor.
NHI, a publicly traded healthcare REIT based in Tennessee, funded the acquisition with its revolving credit facility.