Sabra closed over $230 million in senior-living purchases during the third quarter
Sabra Health Care REIT has added another senior living property to its growing portfolio with the recent acquisition of an assisted living community in metro Atlanta.
Public records show the REIT purchased Benton House, a 20,000-square-foot assisted-living and memory-care facility in Decatur, for $26.5 million. The property was previously owned by Decatur SLP of Alpharetta.
The company said it continues to target skilled nursing and senior housing properties as demand rises due to an aging population and the growing need for higher-acuity care. According to Sabra’s latest annual report, many patients who once would have required hospital-level treatment are now more often being cared for in skilled nursing settings.
During the third quarter, Sabra completed several acquisitions totaling $237 million, executives said during the Nov. 5 earnings call. In that same period, the company also spent $14.5 million to acquire operations of a leased senior living community.
Sabra now anticipates investing more than $500 million in nursing home acquisitions by the end of the year, according to its third-quarter earnings release.
Following the purchase, Sabra transitioned operations from Principal Senior Living Group to Phoenix Senior Living, based in Roswell. Effective Dec. 1, Phoenix rebranded the community from Benton House to The Retreat at Decatur, a company spokesperson confirmed.
For the record:
Legal counsel for the transaction was Sherry Meyerhoff Hanson Crance.
Source: Original reporting by Andy Peters, CoStar News.
