CNL Healthcare Properties Acquires 10 Senior Living Communities in Six States
The $158.2 million investment strengthens, diversifies CNL Healthcare Properties’ portfolio
(ORLANDO, Fla.) Jan. 10, 2013 — CNL Healthcare Properties, an investment offering focused on senior housing and healthcare real estate, has acquired 10 senior living communities through two separate transactions totaling $158.2 million. The purchases, which were all in the East and Midwest, add a combined 671 senior living units to CNL Healthcare Properties’ growing portfolio.
The first acquisition consists of five assets purchased from Capital Health Holdings for $85.1 million. Three of the properties are in Maryland: Symphony Manor in Baltimore, Woodholme Gardens in Pikesville and Tranquility at Fredericktowne in Frederick. The other two properties are in Michigan: Brookridge Heights in Marquette and Curry House in Cadillac. The average age of the portfolio is nine years; the Michigan properties underwent major renovations and expansions in 2010.
Capital Health Group Management, a subsidiary of the Capital Health Holdings, will manage these properties. The communities collectively have 348 units, including 225 assisted living units and 123 memory care units.
The second acquisition is of five assets from Primrose Retirement Communities for $73.1 million. The properties included in this transaction are: Primrose Retirement Community of Decatur in Decatur, Ill.; Primrose Retirement Community of Council Bluffs in Council Bluffs, Iowa; Primrose Retirement Community of Lima in Lima, Ohio; Primrose Retirement Community of Zanesville in Zanesville, Ohio; and Primrose Cottages in Aberdeen, S.D. The properties have a total of 323 units, including 174 independent living units, 128 assisted living units and 21 memory care units. Primrose will continue to operate the communities under long-term lease agreements.
In February, CNL Healthcare Properties made its first real estate investment by acquiring five senior living communities from Primrose for $84 million.
“Our first year of investment has been very active and we are thrilled to end the year with the acquisition of these portfolios, which punctuates our interest in senior living communities,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “Our second transaction with Primrose is a real testament to the strong alignment and relationship that has been forged between our two enterprises in a short period of time. Similarly, our transaction with Capital Health launches a relationship with an experienced and dynamic developer and operator of senior living communities that we, collectively, expect will grow in breadth and depth over time.”
Since February of 2012, CNL Healthcare Properties, formerly CNL Healthcare Trust, has invested in more than $528 million of healthcare real estate consisting of 27 senior living communities across the U.S. The company changed its name, effective Dec. 26, 2012, in response to Washington state regulations.
Financial advisors can contact the managing dealer of the REIT, CNL Securities, member FINRA/SIPC, at (866) 650-0650 (www.CNLSecurities.com).
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is an investment offering that will seek to acquire properties in the senior housing and healthcare sectors, although it may also acquire other income-producing properties. The company intends to qualify as a non-traded real estate investment trust. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit www.CNLHealthcareProperties.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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