National Health Investors, Inc. (NYSE:NHI) announced today it has closed a $15 million purchase of four assisted living and memory care communities totaling 183 units in Louisiana and has leased those communities to Selah SeniorCare III and managed by Selah Management Group. The purchase price was funded from NHI's revolving credit facility.
“The Selah management team has experience operating high quality assisted living communities for years, and has a strong track record. NHI is pleased to work with them to expand their operations into Louisiana with such well-located and stabilized communities.”
The four facilities, which are on average 13 years old and attract private payment for services, are being leased to Selah SeniorCare III and managed by Selah Management Group for 15 years at an initial lease rate of $1,275,000 plus annual fixed escalators. In addition to the Louisiana facilities, Selah Management Group operates 11 assisted living and memory care communities in Florida, Mississippi and Texas.
Justin Hutchens, NHI's CEO and President stated, "The Selah management team has experience operating high quality assisted living communities for years, and has a strong track record. NHI is pleased to work with them to expand their operations into Louisiana with such well-located and stabilized communities."