Laguna Hills-Based Summit Healthcare REIT Inc. Sells Skilled Nursing Facilities in San Bernardino County for $30 Million

Laguna Hills-based Summit Healthcare REIT Inc. sold a portfolio of three skilled nursing facilities in San Bernardino County for $30 million to affiliates of the current operator of the facilities on Sept. 6. The portfolio, which included 191 licensed beds, reportedly yielded an internal rate of return over 50% for the seller.

“The impressive return on the sale of this portfolio is another step in the right direction for Summit,” said Elizabeth Pagliarini, Summit’s chief executive, in a statement. “We continue to make material headway with the strategic plan we implemented last year.”

The transaction was conducted without the aid of an outside brokerage firm. Summit is a publicly registered non-traded REIT that is focused on senior housing real estate across the United States. The company currently owns interests in 36 senior housing facilities in 11 states.