NHI Acquires 3rd NC Assisted Living Community
The company bought the 32-unit community in Durham as part of a purchase option negotiated with its tenant, Navion Senior Solutions.
By Jeff Hamann
Spring Arbor at Durham
In a $7.6 million deal, National Health Investors, a health care REIT, has purchased an assisted living and memory care community in Durham, N.C. The acquisition was part of a purchase option negotiation with NHI’s tenant Navion Senior Solutions, formerly Ravn Senior Solutions, dating back to February 2017, when NHI purchased two other assisted living communities in North Carolina. NHI used its revolving line of credit to finance the new acquisition.
The company is considering investing up to $650,000 to expand the property by four units and renovate the existing building. The 32-unit community, known as Spring Arbor at Durham, was previously owned by HHHunt Assisted Living Inc., which acquired the property in late 1994. NHI has added the property to its existing 15-year master lease with the tenant, Navion Senior Solutions, which will continue to operate in the building.
Spring Arbor of Durham is located at 4523 Hope Valley Road, less than two miles from Interstate 40 and within half a mile of Woodcroft Shopping Center, a Food Lion-anchored retail property. A number of hospitals are situated in the area, including Duke University Hospital, approximately four miles away, and University of North Carolina’s Memorial Hospital in Chapel Hill.
“The early execution of this purchase option is an example of our commitment to work with our operating partners to make sound investments and strengthen our business relationships,” said Eric Mendelsohn, NHI’s president & CEO, in a prepared statement.
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