NHI Acquires Retirement Community in OK
- Dec 05, 2017
NHI has widened its senior living community portfolio with the acquisition of a 200-unit independent living and assisted living community in Tulsa, Okla. The company invested a total of $35.1 million in The Country Club of Woodland Hills, including $500,000 for capital improvements, expected to be fully funded by the end of 2019.
The property is located in the eastern suburbs of Tulsa, at 6333 South 91st East Ave. The triangular site is close to a variety of retail and leisure amenities.
“This is an opportunity to acquire a high-performing senior housing community and expand our current relationship with Discovery Senior Living, an operating partner with a very experienced management team. This is a great addition to NHI’s exceptional senior housing portfolio,” said Eric Mendelsohn, president & CEO of NHI, in prepared remarks.
NHI’s current tenant, Discovery Senior Living will lease the property for a term of 15 years, with renewal options, at an initial lease rate of 7 percent plus annual fixed escalators. NHI purchased two other senior housing facilities at the beginning of the year in Hendersonville, N.C., totaling 86 units.
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