Griffin-American Buys U.S. Senior Housing Portfolio
West Loop Holdings, a joint venture of GE Capital Healthcare Financial Services, KMF Senior Housing Investors and Senior Lifestyle Corporation, has sold a senior housing portfolio in the U.S. to Griffin-American Healthcare REIT II.
The West Loop Portfolio includes four senior housing communities in Illinois, Ohio and Colorado, with 1,209 units. The sales price was not disclosed.
"Each of these dynamic projects provides the tremendous care attributes of a continuing care retirement community combined with rental property," said Richard Swartz, head of Cushman & Wakefield's Senior Housing Capital Markets team, which advised West Loop in the sale. "The REIT's new relationship with Senior Lifestyle will allow it to optimize the portfolio's performance while also providing future investment opportunities."
Griffin-American is a $2.8 billion non-trade REIT that focuses on a diverse portfolio of healthcare-related real estate assets, according to the company.
Last summer the REIT purchased 44 senior care facilities in the U.K.
for $450.9 million, its first investment in Europe.