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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events
18. Subsequent Events
Status of Our Offering
As of August 3, 2018, we had received and accepted subscriptions in our offering for 55,061,108 aggregate shares of our Class T and Class I common stock, or $548,259,000, excluding shares of our common stock issued pursuant to the DRIP.
Property Acquisitions
Subsequent to June 30, 2018, we completed four property acquisitions comprising four buildings from unaffiliated third parties. The following is a summary of our property acquisitions subsequent to June 30, 2018:
Acquisition(1)
 
Location
 
Type
 
Date
Acquired
 
Contract
Purchase
Price
 
Corporate
Line of
Credit(2)
 
Total
Acquisition
Fee(3)
Pinnacle Beaumont ALF(4)
 
Beaumont, TX
 
Senior Housing — RIDEA
 
07/01/18
 
$
19,500,000

 
$
19,400,000

 
$
868,000

Grand Junction MOB
 
Grand Junction, CO
 
Medical Office
 
07/06/18
 
31,500,000

 
31,400,000

 
1,418,000

Edmonds MOB
 
Edmonds, WA
 
Medical Office
 
07/30/18
 
23,500,000

 
22,000,000

 
1,058,000

Pinnacle Warrenton ALF(4)
 
Warrenton, MO
 
Senior Housing — RIDEA
 
08/01/18
 
8,100,000

 
8,100,000

 
360,000

 
 
 
 
 
 
 
 
$
82,600,000

 
$
80,900,000

 
$
3,704,000

___________
(1)
We own 100% of our properties acquired subsequent to June 30, 2018, with the exception of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF.
(2)
Represents borrowings under the Corporate Line of Credit, as amended, at the time of acquisition.
(3)
Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 12, Related Party Transactions, in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us, which shall be paid by us to our advisor, subject to the satisfaction of certain conditions. See Note 12, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion.
(4)
On July 1, 2018 and August 1, 2018, we completed the acquisitions of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF, respectively, pursuant to a joint venture with an affiliate of Meridian Senior Living, LLC, an unaffiliated third party. Our ownership of the joint venture is approximately 98%.