National Health Investors and Bickford Senior Living have acquired Lancaster, Ohio-based assisted living and memory care community Fairfield Village. The price of the transaction is $21 million.
MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors (NYSE: NHI) announced today its NHI-Bickford Senior Living joint venture has acquired Fairfield Village in Lancaster, OH, an assisted living and memory care community, for $21 million in cash.
Built in 2006
92 units (69 ALF, 23 MC)
Valued at an 8.0% capitalization rate on its trailing net operating income performance
Generates approximately $3,900 revenue per unit per month
80% private pay
Fairfield Village will be leased to the joint venture under terms structured to comply with RIDEA provisions and operations will be managed by Bickford Senior Living. This acquisition expands the NHI-Bickford Senior Living joint venture to 32 communities in six states. The purchase was funded with borrowings on NHI’s revolving credit facility.
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.
About Bickford Senior Living
Bickford Senior Living manages and operates 50 Independent Living, Assisted Living and Memory Care branches in Georgia, Illinois, Indiana, Iowa, Kansas, Missouri, Nebraska, Michigan and Ohio, with headquarters located in Olathe, KS. The company was created when owners Don and Judie Eby were unable to find a quality assisted living residence for their mother, Mary Bickford who was diagnosed with Alzheimer’s disease.