July 9, 2018
Griffin-American Healthcare REIT IV Inc. shelled out $19.5 million to acquire the 79-unit Pinnacle Beaumont Assisted Living Facility in Beaumont, TX. The Southern California REIT, which is co-sponsored by American Healthcare Investors LLC and Griffin Capital Co. LLC, acquired the facility, formerly known as Pelican Bay Assisted Living, at 2501 S. Major Dr. from J.C.M. Leasing LP and Pelican Assisted Living LLC.
The asset, situated on 4.4 acres, was acquired through a joint venture with Meridian Senior Living LLC, which will manage the property. The center opened in 2011, and was 83.6% occupied at the time of the sale. Services include dementia/Alzheimer’s care, medication management, escorts to and from meals, and other activities and weekly laundering.
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