Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M
SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include:
• Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968.
• Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005.
• Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966.
• Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn.
• Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015.
• Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017.
Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, which provides nursing care on the facility, as well as a registered dietitian who plans well-balanced meals for each facility’s residents.
The facilities’ amenities include a beauty and barber shop services, chapel, library, activity room and dining room. The properties were built between 1956 and 2017 and went through renovations between 1983 and 2020. The properties were 79 percent occupied at the time of sale.
The Kentucky facility will join the Landmark portfolio, which has operations throughout Kentucky, Texas, Oklahoma, Illinois and Michigan. Each of the Waters-branded operators at the five Tennessee facilities have engaged Tennessee-based Infinity Healthcare to provide consulting services.