National Healthcare Properties Buys 933 Units for $197M, Sells California Community for $42M
NHP•National Healthcare Properties acquired 933 SHOP units—882 assisted living and 51 memory care—in June and July for $197M at 7.8% year-one and 9.7% year-three yields. In May the company agreed to sell a California SHOP community for $42M, repaying its Fannie Mae loan to unlock equity and reduce leverage.
1. Acquisition Details
In late June and early July, the company completed two SHOP portfolio acquisitions totaling 933 units—882 assisted living and 51 memory care—for an aggregate $197 million. These communities, located across the Midwest, South and Mid-Atlantic, are forecasted to deliver weighted average yields of 7.8% in year one and 9.7% by year three under existing operator partnerships.
2. Disposition Details
In May, National Healthcare Properties entered a definitive agreement to sell one non-core SHOP community in California for approximately $42 million. The sale, subject to full repayment of its Fannie Mae loan prior to closing, carries a trailing twelve-month yield of 1.7% and will free up equity capital.
3. Strategic Implications
These transactions expand the REIT’s footprint in needs-based, private-pay senior housing markets and deepen relationships with operating partners. The California disposition provides additional equity funding for the acquisition pipeline while lowering leverage on the balance sheet.
