The biggest transaction we heard of last week was actually two sales of the same portfolio. First, Health Care REIT sold an eight property portfolio consisting of seven entrance fee communities and one straight rental property to its operator at those sites, Senior Living Communities. Senior Living Communities then turned around and entered into a sale-leaseback deal with National Health Investors, Inc.
Last week also saw the completion of a merger between NorthStar Realty and Griffin-American REIT II. Although structured as a merger, NorthStar is the acquiring entity and comes out of the transaction with 289 new buildings in 32 states and the U.K., consisting of senior housing and skilled nursing facilities, medical office buildings and hospitals.
Finally, close to (our) home, last week saw the announcement of a new luxury senior living community planned for Celebration, Florida. The Disney-adjacent community is being developed by Big Rock Partners on 9 acres of land it acquired from The Celebration Company. Blue Rock plans to build a $60 million Class A senior living rental development, starting in the first quarter of 2015.. The planned community will offer a continuum of care with a total of 225 units mixed between including independent living, assisted living and memory care. Life Care Services will operate the community.