National Health Investors has acquired the Isles of Vero Beach, a senior living community in Vero Beach, for $38 million.
The transaction is a sale-leaseback deal with the existing operator, Holiday Retirement, which will pay $2.6 million annually in rent. The property has been added to the master lease between NHI and Holiday. Annual escalators will begin in late 2020 and total between 2 percent and 3 percent based on revenue growth Holiday’s 26 NHI-owned communities.
Located on the east coast of Florida between Orlando and Miami, features 157 independent living units and 75 assisted living units.
The purchase by NHI was part of the restructuring and extension of the Holiday amended master lease announced in late 2018. As a result of this purchase, Holiday has made a cash payment to NHI of $17.1 million and relinquished $10.6 million in a cash security deposit. Beginning Feb. 1, 2019, annual cash rent for the portfolio will be $34.1 million.
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Date: February 11, 2019
Source: Seniors Housing Business