January 10, 2020 Comments Off on NHI in $133M JV with LCS to Buy Senior Housing Property in Issaquah Views: 746 Seattle & Pacific Northwest News, Seattle News, Top Seattle

NHI in $133M JV with LCS to Buy Senior Housing Property in Issaquah

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Murfreesboro, TN-based National Health Investors, Inc. (NHI) and an affiliate of Des Moines, IA-based Life Care Services (LCS), formed a joint venture to own and operate Timber Ridge at Talus, a continuing care retirement community in Issaquah. The NHI-LCS JV is acquiring the asset from a joint venture between Westminster Capital and LCS for $133 million.

NHI President and CEO Eric Mendelsohn stated, “Timber Ridge is a first-class community in a high barrier to entry market in the Pacific Northwest, and an excellent fit to the growing NHI portfolio.”

The existing campus was originally built in 2008 and an extensive expansion project was completed in 2017, with financing provided by NHI. The Type A CCRC community is more than 95% occupied and has 401 units including 330 independent living apartments, 14 assisted-living apartments, 12 memory care apartments and 45 skilled nursing beds.

The deal is expected to close on or around January 31, 2020.

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