Strawberry Fields REIT this week announced the $3.15 million acquisition of The Waters of Muncie, a skilled nursing facility in Muncie, Ind.
The all-cash deal for the 72-bed facility now brings the real estate investment trust (REIT) to 74 nursing homes, a spokesperson for Strawberry Fields told SNN.
“The Waters of Muncie is a well-located facility in suburban Indianapolis that offers exceptional care and rehabilitation services,” Moishe Gubin, CEO of Strawberry Fields, said in a statement. “We have been leasing and subletting this property from the landlord since November 2011.”
The facility is part of an Upper Payment Limit (UPL) program, a special kind of rate-boosting arrangement in Indiana, with Henry County Hospital.
Serving long and short-term residents, the facility provides memory care, rehab services, and comprehensive medical care, with average occupancy rates at 72% — and a census split among 72% Medicaid residents, 18% residents with private insurance, and 9% Medicare beneficiaries.
“Strawberry Fields is known as an active investor, working closely with lessees to ensure the quality of the facilities they own,” Gubin added. “We maintain good contact with our partners, visit the facilities we own regularly and continually monitor to ensure compliance with state laws. We are pleased to extend our portfolio of properties through this new acquisition.”
Infinity Healthcare Management is the chosen consultant; Infinity and…