Griffin-American Healthcare REIT III will double its holdings with a $1.13B acquisition of Trilogy Investors, the parent company of Trilogy Health Services. Working with JV partner NorthStar Healthcare Income, Griffin-American will gain 70% of the JV and act as its manager, while NorthStar will get the remainder. Trilogy founder and CEO Randy Bufford and Trilogy management will maintain a $24M investment, while Griffin-American will receive about $2B in real estate and real estate investments in Indiana, Ohio, Michigan and Kentucky.
Griffin-American President & COO Danny Prosky said Trilogy’s appeal lay in its consistent annual growth and profitability, regardless of market cycle. Trilogy has been active in recent months, acquiring the Waterford Crossing Senior Living Village in Goshen, IN, and opening the Willows at Howell in Howell, MI (shown).
A closing date for the deal has not been announced, but it was structured as a RIDEA investment. Before the transaction, Griffin-American had acquired a portfolio of 67 buildings and a collaterized debt instrument for $1.03B, and spent $311.1M last quarter on acquisitions, a 49.3% portfolio growth. It also acquired medical office buildings in Waterloo, IL, and Napa, CA, and a senior housing facility in Mishawka, IN. [CPE]
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