Ontario-based Rockwell Healthcare LLC has acquired for $30 million three skilled nursing facilities entailing 191 beds in San Bernardino County which were purchased by Laguna Hills-based Summit Healthcare REIT Inc. in 2021 for just over two-thirds of that price.
On July 2, 2021, Summit Healthcare REIT Inc. bought the 59-bed Creekside Post Acute Nursing Home in Yucaipa, the 50-bed University Post Acute Nursing Home in Mentone and the 82-bed Yucaipa Hills Post Acute Nursing Home in Yucaipa for $20,055,000. The purchase took place during the COVID-19 crisis, just as the pandemic was beginning to taper off in the aftermath of widespread vaccinations against the condition.
Immediately upon its acquisition of the three facilities, Summit Healthcare REIT leased them to Rockwell Healthcare, LLC, the operator of the facilities, on a triple net lease basis.
On September 6, 2024, after owning the facilities for three years and two months, Summit Healthcare REIT sold them outright to Rockwell.