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NHI to form JV for acquisition of Issaquah, Wash., retirement community

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NHI to form JV for acquisition of Issaquah, Wash., retirement community

National Health Investors Inc. agreed to form a joint venture with Life Care Services to acquire and operate the Timber Ridge at Talus continuing care retirement community in Issaquah, Wash.

Westminster Capital and Life Care Services will sell the property for $133 million, exclusive of about $2.0 million of closing costs.

The 95%-leased asset comprises 401 units, and National Health's total investment in the venture is $125 million.

Under the agreement, the venture will consist of a property company and an operating company in which National Health will own 80% and 25% stakes, respectively.

The property company will lease the property to the operating company under a triple net lease with an initial cash yield of 6.75%. The lease has an initial duration of seven years and comes with two five-year renewal options.