American Realty Pays $71M For Texas Senior Housing Facility

Law360, New York (January 7, 2014, 6:39 PM EST) -- Real estate investment trust American Realty Capital Properties Inc. has acquired a Class A assisted living facility in Katy, Texas, for $71.25 million from Formation Development Group LLC, mortgage banking firm HFF LP announced Tuesday.

The Solana at Cinco Ranch includes 184 independent assisted living units, for which American Realty paid about $387,228 per unit, and a memory care facility. The REIT purchased the property with cash, bolstering its senior housing portfolio, which surpassed the $1 billion mark last year.

“The Solana at Cinco Ranch is...
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