Griffin-American Healthcare REIT III announced this morning its acquisition of Trilogy Investors LLC, parent company of Trilogy Health Services LLC, for $1.12 billion. The deal was brokered pursuant to a joint venture with NorthStar Healthcare Income, according to a press release.
Griffin will own 70 percent of the joint venture and will act as its manager, while NorthStar will own the other 30 percent. Trilogy's founder and Chief Executive Officer Randy Bufford will maintain an investment of about $24 million in Trilogy.
"This is a transformational event for Griffin-American Healthcare REIT III, which will nearly double in size upon the completion of the Trilogy acquisition to approximately $2 billion in real estate and real estate-related investments," Jeff Hanson, chairman, chief executive officer of Griffin-American Healthcare REIT III said in a press release. "Randy Bufford and his executive team, which will continue to manage the Trilogy assets on behalf of the joint venture, have established themselves as one of the premier providers of long-term senior care in the country."
Trilogy is a leading owner-operator of purpose-built integrated senior healthcare campuses in Ohio, Indiana, Michigan and Kentucky.