(ORLANDO, FL) September 17, 2012 - Sentio Healthcare Properties, Inc. ("Sentio Healthcare") announced today the acquisition of a portfolio of four assisted living facilities for approximately $49 million. The properties are located in the states of Illinois and Texas. The acquisition is structured as a joint venture with an affiliate of JEA Senior Living ("JEA"). JEA will continue to operate the facilities on behalf of the joint venture.
Totaling approximately 130,800 square feet, the four facilities add 264 beds and 152 units, all of which are dedicated to memory care, to Sentio Healthcare's assisted living portfolio.
Three of the four properties are located in Illinois - Springfield, Urbana, Normal and one in Bryan, TX. Each location is the county seat for the respective county, and accordingly, each city benefits from a major state university and /or large state government entity, and supports education, healthcare, and government as the primary employment sources. The locations are also within larger metropolitan statistical areas, the demographics of which indicate increasing, positive growth for the senior population.
Each Leah Bay Portfolio property is an approximately 32,600 square foot facility with 38 units accommodating 66 beds. The properties are designed for the care of Alzheimer residents and provide for double occupancy in most rooms as a part of an Alzheimer-focused care program. "These properties are an excellent fit for Sentio Healthcare's acquisition strategy" said John Mark Ramsey, president and chief executive officer. "We are intentional about acquiring properties that are accretive to shareholder value and support our investor distributions. Additionally, we are excited about our new partnership with JEA. They are a best-in-class operator and we look forward to a long relationship."
About Sentio Investments, LLC
Sentio Investments, LLC is an Orlando based, real estate investment company focused primarily on seniors housing and healthcare related real estate and operations. It is led by a team of industry veterans, with 18 years' experience investing in healthcare real estate, having previously played a lead executive role in building a portfolio consisting of over $3.5 billion in transactions encompassing nearly 300 assets. Their core objective is to tailor a capital structure that complements the operating platform of developers and owner/ operators, recognizing that each is unique in its approach and service to the healthcare industry.
About Sentio Healthcare Properties, Inc.
Sentio serves as advisor to Sentio Healthcare Properties, Inc., a real estate investment trust (REIT) which invests exclusively in healthcare related real estate, and is committed to delivering strong and reliable returns to investors. The Company features a diversified portfolio of senior housing and medical properties throughout the United States. Their portfolio offers diversity in many areas including: asset type, geographic location, tenant/manager combination, operating model and payor mix. Having both ownership and operator's perspectives allows them to better analyze and comprehend the complexities of the investments. www.sentiohealthcareproperties.com
About JEA Senior Living, Inc.
JEA Senior Living, Inc. is a Vancouver, WA based seniors housing operations and development company. It is a multi-generational family-owned business founded in 1986 by Jerry Erwin that has been living out its mission to honor the experience of aging for over 25 years. For the past 20 years their primary focus has been on purpose built Alzheimer's special care centers. It currently operates over 30 communities in 13 states, with an additional 10+ in development/construction throughout the United States and Canada.