Summit Healthcare REIT acquired three skilled nursing facilities in San Bernardino County, Calif. for more than $20 million, the real estate investment trust announced Wednesday.
The facilities, which include 191 licensed beds, will be leased to Rockwell Healthcare LLC on a triple net lease basis, the announcement stated.
“This has been a dream of ours for quite a while,” Steve Powell, Rockwell president, said in the release. “We’ve been so fortunate to have worked alongside a few of the industry’s greatest leaders. We are continuing that trajectory by partnering with Summit. Their reputation in our industry is stellar — we know we made the right choice.”
Elizabeth Pagliarini, Summit’s chief operating officer and chief financial officer, said, “We are already impressed by the dedication of the Rockwell team. Their inspiring compassion and level of care combined with their vast experience and professionalism is incredibly unique; I feel like we’ve discovered a rare gem.”
Summit’s portfolio includes interests in 46 senior housing facilities in 13 states, according to the release.