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CHEHALIS, WASH. — National Health Investors Inc. (NYSE: NHI) has acquired a 98-unit independent living community in Chehalis, approximately 90 miles southwest of Seattle, for $9.8 million. The name of the community was not disclosed.
NHI leased the community to a partnership of Marathon Development and Village Concepts Retirement Communities. The acquisition was funded with borrowings on NHI’s revolving credit facility.
The buyer has earmarked $350,000 for capital improvements to the community.
The community was built in 1986, with additions built in 1993 and 2000. It was 95 percent occupied at the time of sale.
The 15-year lease features an initial annual rate of 7.25 percent plus annual escalators between 2 percent and 3 percent.