A national real estate investment trust recently acquired 10 North Carolina assisted living and memory care communities, including one Wilmington facility, from Spring Arbor Senior Living for $121.3 million.

National Health Investors, a Murfreesboro, Tennessee-based firm, announced the transaction in a business update last week, marking the firm’s largest investment since 2020. Deed records show the company paid about $8.1 million for Spring Arbor of Wilmington, a 42-unit assisted living facility at 809 John D. Barry Drive.

National Health Investors acquired a total of 522 units at Spring Arbor communities across the state, including facilities in Greensboro, Cary, Kinston and Rocky Mount. Spring Arbor, a Raleigh-based company that operates senior living facilities primarily in the Southeast and Midwest, will continue to run the 10 newly acquired properties. The facilities will operate under a 15-year master lease with the option of two five-year renewals.

The purchase was fully funded through National Health Investors’ revolving credit facility. The approximately $121 million purchase will produce an initial cash yield of 8.23% with annual fixed escalators of 2%, according to the business update.

National Health Investors has a pipeline of approximately $305 million, including a mix of senior housing operating portfolio (SHOP), sale-leaseback and loan opportunities. Since 2022, the firm has made investments of just over $380 million, according to the business update.

National Health Investors operates more than 190 properties across 33 states. According to the company, its facilities sustained “no material impact” during Hurricane Helene.

Below is a breakdown of North Carolina properties and units acquired by National Health Investors:

• Spring Arbor of Albemarle - 45
• Spring Arbor of Apex - 41
• Spring Arbor of Cary - 68
• Spring Arbor of Greensboro - 74
• Spring Arbor of Greenville - 42
• Spring Arbor of Kinston - 44
• Spring Arbor of Outer Banks - 69
• Spring Arbor of Rocky Mount - 52
• Spring Arbor of Wilmington - 42
• Spring Arbor of Wilson - 45