Orlando, Fla. (PRWEB) December 09, 2013
CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has acquired a portfolio of 12 senior housing communities in Idaho, Montana, Nevada and Oregon for approximately $302 million.
Combined, the properties have 1,404 independent living, assisted living and memory care units. The average age of the communities, weighted by units, is approximately 7.3 years.
Prestige Senior Living, LLC, and MorningStar Senior Living will each manage a portion of the portfolio under long-term agreements. Prestige owns and operates 73 assets throughout the Pacific Northwest and MorningStar currently has 20 properties with a total of 2,314 units under management or in development in six states.
“Since CNL Healthcare Properties’ first investment in senior housing less than two years ago, we have made a commitment to assembling a strong and diverse portfolio of assets in this sector,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “The acquisition of these properties, our largest single acquisition to date, reaffirms our focus on this important and dynamic sector and represents our first significant investment into the Pacific Northwest.”
Prestige will manage eight of the newly acquired properties, all in Oregon. The properties are: Prestige Senior Living Southern Hills, an assisted living community and Prestige Senior Living Orchard Heights, an assisted living and memory care community, both in Salem; Prestige Senior Living Riverwood, an assisted living community in Tualatin; Prestige Senior Living High Desert, an assisted living community in Bend; Prestige Senior Living Arbor Place, an assisted living community in Medford; Prestige Senior Living Huntington Terrace, an assisted living community in Gresham; Prestige Senior Living Five Rivers, an independent and assisted living community in Tillamook; and Prestige Senior Living Beaverton Hills, an assisted living community in Beaverton.
MorningStar will manage two properties in Idaho and one community each in Nevada and Montana. In Idaho, the company will manage MorningStar of Boise, an independent and assisted living community in Boise, and MorningStar of Idaho Falls, an independent living, assisted living and memory care community in Idaho Falls. MorningStar will also manage MorningStar of Billings, an independent living, assisted living and memory care community in Billings, Mont., and MorningStar of Sparks, an independent living, assisted living and memory care community in Sparks, Nevada.
“We are pleased to add these properties to our rapidly expanding portfolio of senior housing communities,” said Mauldin. “We are eager to cultivate relationships with both Prestige and MorningStar, who both have deep expertise in caring for seniors and, importantly, share our values of ensuring the highest quality care to residents.”
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is an investment offering that focuses on acquiring properties in the senior housing and healthcare sectors, both stabilized and development, as well as other income-producing properties, real-estate related securities and loans. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit http://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 $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit http://www.cnl.com.
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