Strawberry Fields REIT Acquires A Skilled Nursing Facility for $3.15 Million

Strawberry Fields REIT, LLC (Strawberry Fields), an owner and lessor of skilled nursing facilities, long-term acute care hospital facilities and assisted living facilities in the Midwestern and Southern U.S., announced it has acquired a skilled nursing facility located in Indiana. The purchase price was $3.15 million, and the deal was completed with all cash.

The Waters of Muncie is a 72-bed facility that is located at 2400 Chateau Drive in Muncie, Indiana. Services offered include comprehensive medical, memory care, and rehabilitative therapy services addressing a wide range of clinical needs. The facility serves both short- and long-term residents.

“The Waters of Muncie is a well-located facility in suburban Indianapolis that offers exceptional care and rehabilitation services,” commented Moishe Gubin, CEO of Strawberry Fields. “We have been leasing and subletting this property from the landlord since November 2011.”

The facility is part of an Indiana county hospital UPL tie-up with Henry County Hospital and is being consulted by Infinity Healthcare Management.

The average occupancy in the home is 72.22%, of which 9.27% are Medicare, 72.10% are Medicaid, and 18.63% are Private & Insurance.

Infinity and its sister companies have a long term relationship with many other Strawberry Fields operator-tenants. With this acquisition, Strawberry Fields owns over 70 nursing homes throughout the country.

“Strawberry Fields is known as an active investor, working closely with lessees to ensure the quality of the facilities they own,” added Gubin. “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.”

Muncie is an incorporated city and the seat of Delaware County, Indiana. It is located in East Central Indiana, about 50 miles northeast of Indianapolis.