National Health Investors Inc has acquired Tulsa, Oklahoma-based The Country Club of Woodland Hills, an independent living and assisted living community. The price of the transaction was $35.1 million.
MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors, Inc. (NYSE:NHI) announced today that it has acquired The Country Club of Woodland Hills, a 200-unit independent living and assisted living community in Tulsa, Oklahoma. NHI’s investment is $35.1 million, including $500,000 for capital improvements expected to be fully funded by the end of 2019. The facility will be leased to NHI’s current tenant, Discovery Senior Living, for a term of 15 years, with renewal options, at an initial lease rate of 7.0% plus annual fixed escalators. The acquisition was funded with a draw on NHI’s revolving credit facility.
Eric Mendelsohn, NHI President and CEO, stated, “This is an opportunity to acquire a high-performing seniors housing community and expand our current relationship with Discovery Senior Living, an operating partner with a very experienced management team. This is a great addition to NHI’s exceptional seniors housing portfolio.”
Discovery Senior Living based out of Bonita Springs, FL was formed in 1991 and is an award-winning industry leader in developing and managing seniors housing communities. They currently operate 47 senior living communities, with nearly 7,000 units in 13 states throughout the United States. For more information, visit www.discoveryseniorliving.com.
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals. For more information, visit www.nhireit.com.