Strawberry Fields Expands Portfolio with $14M Buy
- May 21, 2019
Strawberry Fields REIT LLC has acquired three skilled nursing facilities in the state of Arkansas for $14.3 million.
“These facilities are very nice looking and the appeal is we added them to our master lease with our tenant, strengthening our master lease with more properties under it,” Moishe Gubin, Strawberry Fields’ CEO, told Multi-Housing News. “It fits in with our philosophy because they are geriatric facilities that are nice in a state we hope to have a good presence in.”
An owner and lessor of nursing homes, long-term acute care hospital facilities and medical office buildings throughout the Midwestern and Southern U.S., Strawberry Fields has now expanded its portfolio to more than 70 skilled nursing homes.
The Power of Three
The properties in the deal include the 120-bed The Waters of Newport, a skilled nursing facility originally built in 2001 and located at 326 Lindley Lane in Newport; the 41-year-old, 152-bed Hot Springs Nursing and Rehabilitation (A Waters Community), located at 552 Golf Links Road in Hot Springs; and the 140-bed Waters of West Dixon campus, located at 2821 West Dixon Road in Little Rock. The latter property was built in 1950 and features both a skilled nursing home and an assisted living center.
“These are good areas and Hot Springs is a very good area,” Gubin told MHN. “At some point, we want to grow our portfolio and fill in some of the missing spots geographically, and we’re on the lookout for more facilities to buy.”
The operators have committed to putting in a few million dollars into renovating the buildings. Infinity Healthcare of Arkansas will provide consulting services.
In February, Strawberry Fields REIT acquired a portfolio encompassing three skilled nursing facilities in Kentucky, for $21 million.