Strawberry Fields REIT Acquires Three Skilled Nursing Facility Portfolio Located in Kentucky for $21 Million
SOUTH BEND, Ind.— February 25, 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 Midwest and Southern U.S., announced it has acquired three skilled nursing facilities located in the Commonwealth of Kentucky. The combined purchase price was $21 million. Financing for the acquisition was provided by Oxford Finance, LLC.
Average occupancy in the portfolio is 73%, of which 21% are Medicare, 60% are Medicaid, and 19% are private pay and insurance.
The properties comprise a total of 312 beds, will be operated by Landmark Group, and include:
Landmark of Bardstown Rehabilitation and Nursing Center in Bardstown (100 beds)
Landmark of Laurel Creek Rehabilitation and Nursing Center in Manchester (106 beds)
Landmark of Elkhorn City Rehabilitation and Nursing Center in Elkhorn City (106 beds)
“We were pleased to acquire these well-performing skilled nursing facilities, in order to help provide the residents of the Commonwealth exceptional nursing care when they need it most,” commented Moishe Gubin, CEO of Strawberry Fields. “Strawberry Fields is known as an active investor, working closely with its lessees to ensure the quality of the facilities we own. We maintain a good dialogue with our operators, visiting the facilities regularly, and continually monitor to ensure compliance with Federal, state and local laws. Together with our operators, we have a long-term commitment to the provision of quality nursing care in the communities we are serving.”