MURFREESBORO, Tenn.–National Health Investors, Inc. (NYSE: NHI) announced today that it has acquired a 98-unit independent living community in Chehalis, Washington, located approximately 40 miles outside Olympia, and leased the community to a partnership between Marathon Development and Village Concepts Retirement Communities. The total investment in the community will be $9.8 million including $350,000 for capital improvements. The lease is for a period of 15 years at an initial annual rate of 7.25% plus annual escalators from 2% to 3%. The acquisition was funded with borrowings on NHI’s revolving credit facility.
Highlights
- Built in 1986 with additions in 1993 and 2000
- 98 units
- 95% occupied
- Available land for expansion
- Opportunity for NHI to enter new relationship with a growth-oriented operator and development partner
“We are excited to announce this new relationship with Marathon and Village Concepts,” said Eric Mendelsohn, NHI’s CEO and President. “Village Concepts has extensive experience in providing senior living community management and a commitment to providing each resident with independence and security. Marathon is led by a team with extensive real estate experience in project development, acquisitions and financing of senior communities. We believe this combination will provide a solid, productive collaboration and an excellent addition to our portfolio.”
About Marathon and Village Concepts
Marathon is a development company that has completed many senior housing projects over the past 18 years. Village Concepts has provided property management and consulting services for more than 40 years and currently operates 15 senior living communities in Washington. For additional information, visit www.marathondev.com and www.villageconcepts.com.
About NHI
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals. For more information, visit www.nhireit.com.
