Strawberry Fields REIT Acquires Three Skilled Nursing Facilities for $14.3 Million
SOUTH BEND, Ind.— May 21, 2019—Strawberry Fields REIT, LLC (Strawberry Fields), an owner and lessor of nursing homes, long-term acute care hospital facilities and medical office buildings in the Midwestern and Southern U.S., announced it has acquired three skilled nursing facilities located in Arkansas.
“The acquisition of these three new properties is part of our continued expansion in Arkansas,” noted Moishe Gubin, CEO of Strawberry Fields. “The facilities fit well geographically into our portfolio and are all performing well.”
The properties include:
The Waters of Newport, a 120-bed skilled nursing facility was built in 2001 and is located at 326 Lindley Lane in Newport.
Hot Springs Nursing and Rehabilitation (A Waters Community) is located at 552 Golf Links Road in Hot Springs. The property was built in 1978 and offers 152 skilled nursing beds.
The Waters of West Dixon campus is located at 2821 West Dixon Road in Little Rock. The property was built in 1950 and contains both a skilled nursing home and an assisted living center. The Waters of West Dixon has 140 skilled nursing beds, and Madison Assisted Living (A Waters Community) offers 32 assisted living beds.
The purchase price for the portfolio was $14.3 million.
“The operators have engaged Infinity Healthcare of Arkansas to provide consulting services,” added Gubin. “Infinity is a quality consulting partner that is involved in many of our properties.”
Infinity and its sister companies have a long term relationship with many other Strawberry Fields operator-tenants. With this acquisition, Strawberry Fields owns over 70 nursing homes throughout the country.
“Strawberry Fields is an active investor, working closely with lessees to ensure the quality of the facilities it owns. We maintain good contact with our operators, regularly visit the facilities we own, and continually monitor to ensure compliance with state laws,” concluded Gubin.