Senior Housing Portfolio Sold for $302 Million
U.S.-based REIT CNL Healthcare Properties has purchased a portfolio of 12 senior housing communities in the states of Idaho, Montana, Nevada and Oregon for approximately $302 million.
The REIT, which focuses on senior housing and healthcare facilities, will acquire 1,404 independent living, assisted living and memory care units in the portfolio.
"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," Stephen H. Mauldin, president and CEO of CNL Healthcare Properties, said in the announcement.
"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 Senior Living, LLC, and MorningStar Senior Living will each manage a portion of the portfolio under long-term agreements, according to the announcement.