Privately held Trilogy Health Services, the Louisville, Kentucky-based owner and operator of 96 long-term care facilities, was sold to a couple of REITs, Griffin-American Healthcare REIT III and NorthStar Healthcare Income Inc. for $1.1 billion. The joint venture between Griffin-American (which will own 70% of the JV) and NorthStar (30%) will effectively own 96.4% of Trilogy. The remaining 3.6%, or $24 million, will be owned by Trilogy management. The price includes the assumption of $205.1 million of debt. Trilogy operates 96 properties with more than 10,000 beds across four states (Indiana, Kentucky, Michigan and Ohio).Trilogy owns 53 of the facilities and the remainder are leased, some with purchase options. Overall quality mix is 80% and occupancy is 92%.