Mountain Crest Senior Housing Portfolio
Category: Senior Housing
Mountain Crest Senior Living Portfolio is comprised of six senior living communities in northern Indiana and southwestern Michigan totaling 653 rental units and approximately 417,000 square feet. Griffin-American Healthcare REIT III completed the acquisition of five of the facilities during the second quarter. The portfolio of six senior living communities is managed on behalf of the REIT by Ridgeline Management Company and is 100 percent private pay. At the time of acquisition, the average occupancy for five of the six senior living communities was approximately 85 percent.
Mountain Crest Senior Living Portfolio was acquired from LaPorte Retirement LLC, Hobart Retirement LLC, Niles Retirement LLC, Elkhart Retirement LLC, CW LLC and Eastlake LLC, all unaffiliated third parties represented by Nick Glaisner of Ziegler, under a RIDEA structure, which allows for Griffin-American Healthcare REIT III to participate in both the rental and operational cash flow of each facility while relying on Ridgeline Management Company as the third-party manager.