Home Finance Sabra Healthcare Acquires the 115-Unit Park Ridge Care Center in North Seattle...

Sabra Healthcare Acquires the 115-Unit Park Ridge Care Center in North Seattle for $20.65MM

Seattle, Sabra Health Care REIT Inc., North American Healthcare Inc., Park Ridge Care Center, Issaquah Nursing and Rehab Center
Image courtesy of parkridgecare.com

By Jack Stubbs

Irvine, California-based Sabra Health Care recently added another senior housing community to its portfolio in the Puget Sound region.

On Friday, January 19th, Sabra Health Care REIT Inc., a real estate investment company that specializes in the management of healthcare-related assets, acquired the Park Ridge Care Center in Shoreline for $20.65 million, or roughly $179,565 per unit, according to public records filed with King County. The seller of the property was Dana Point, California-based North American Healthcare Inc. The transaction was recorded on January 22nd.

The one-story building contains 115 units and totals 33,160 square feet, according to public documents. The asset is located at 1250 NE 145th St., approximately one mile to the north of Kenwood and three miles to the north of Seattle’s Northgate neighborhood. Additionally, the property is just two miles from access to Interstate 5.

Built in 1964, the Park Ridge Care Center provides a variety of services to its clients including social services, rehabilitation, long-term and end-of-life care and nursing services, according to the property’s web site. The facility’s web site emphasizes “the importance of creating a comfortable and nurturing atmosphere” for its clients whether for short- or long-term treatment care.

Sabra Health Care is a self-administered, self-managed real estate investment trust that owns and invests in real estate assets that serve the healthcare industry. As of September 30, 2017, Sabra’s investment portfolio included 530 real estate properties including 55,904 beds/units held for investment across the U.S. and Canada, according to the company’s web site. The company’s properties include skilled nursing facilities, senior housing communities, speciality hospitals and other assets within the healthcare industry.

Sabra has been active in the local real estate market in recent months. In early September 2017, the company acquired three other senior housing communities for a combined $49.3 million from American Healthcare Inc.

“This was a strategic acquisition by Sabra to expand its senior housing platform by acquiring ownership stake in a real high quality platform that we can grow going forward,” said Richard Matros, CEO at Sabra Health Care, at the time of the other sales.

Sabra acquired the 140-unit Issaquah Nursing and Rehab Center for $18.2 million, the 137-unit Park West Care Center in West Seattle for $12.5 million, and the Burien Nursing and Rehab Center for $18.6 million.

The company’s acquisition of the properties in September 2017 was part of a larger portfolio expansion. In September, Sabra made a joint announcement with Chicago-based Enlivant, a senior housing community, and TPG Real Estate, a private equity firm, that the company had entered into definitive agreements to take a 49 percent equity interest in a joint venture comprising 183 senior housing communities and 8,280 units.

The portfolio, which spans 20 states, is valued at $1.62 billion, with Sabra’s 49 percent minority equity investment valued at $371 million. Sabra has the option of buying the remaining 51 percent in the future, according to a statement that the company made in September.

Founded in 1976, North American Healthcare is a nursing home owner and operator that specializes in rehabilitation programs and end-of-life and long-term patient care. According to the description on its web site, the company’s programs are directed at serving a wide range of individuals requiring short- and long-term medical care and therapy.