Summit Healthcare REIT Acquires 8 SNFs in $130M Deal

Summit Healthcare REIT closed out 2021 with a splash.

Keeping true to their word, the Lake Forest, Calif-based real estate investment trust closed the year with a significant investment in the skilled nursing space, completing a transaction for eight skilled nursing facilities in various locations throughout the state of Georgia, the company posted to LinkedIn on Tuesday.

The eight SNFs, totaling 826 licensed beds, were acquired for a purchase price of approximately $130 million and will reportedly be leased back to the operator on a triple net basis.

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Summit CEO Kent Eikanas said the operator has a proven track record in Georgia and that the REIT plans to continue to grow within the state. According to its website, Summit’s assets include 46 total facilities, including 3,640 SNF beds, though none are currently in the state of Georgia.

“We are excited to have experienced a spectacular year in terms of adding assets to Summit’s overall portfolio,” Summit chief operating officer and chief financial officer Elizabeth Pagliarini added.

Summit has grown from 10 facilities since opening its doors in 2014.

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At a price per bed valuation of over $157,000, Summit doesn’t appear to intend to let a robust SNF acquisition market slow it down.

After a quiet year in 2020, Summit acquired three SNFs in California in June for $20 million as the health care investor plans to “get back into acquisition mode” going into 2022, Pagliarini told Skilled Nursing News in the fall.

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