CNL REIT Buys Four Senior Housing Properties for $79.8 Million

CNL REIT Buys Four Senior Housing Properties for $79.8 Million

Commercial News » North America Commercial News Edition | By David Barley | May 2, 2012 10:56 AM ET

(Orlando, FL) -- This week CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has just announced the acquisition of four senior housing communities from affiliates of Solomon Holdings III Dogwood Four, LLC for $79.8 million, bringing the total number of senior housing properties the REIT owns to 56.

The communities total 347 units, comprised of 85 independent living units, 186 assisted living units and 76 memory care units, in four communities located in the Greater Atlanta area. Solomon's affiliated management company, Trinity Lifestyles Management II, LLC, will continue to manage the communities under an agreement with CNL Lifestyle Properties.

"We are excited to complete this transaction with Solomon, which has a successful history of creating compelling housing solutions, while also providing excellent care and services for senior residents," said Joe Johnson, senior vice president and chief financial officer of CNL Lifestyle Properties. "The properties are an exceptional fit for our growing and diversified senior housing portfolio, and we look forward to working closely with Trinity Lifestyles Management."

The four communities CNL Lifestyle Properties has purchased are Dogwood Forest of Alpharetta in Alpharetta, Ga., Dogwood Forest of Eagles Landing in Stockbridge, Ga., Dogwood Forest of Fayetteville in Fayetteville, Ga., and Dogwood Forest of Gainesville in Gainesville, Ga.

Dogwood Forest was founded in 2005 and provides assisted living, memory care, adult day services, and post-operative and short-term care to senior residents. The communities consistently embrace medical research and data to form programs that benefit the health and welfare of residents, and preserve ideas of healing, hope and independence.

"Dogwood Forest partners with the families of its residents to provide the best possible care for their loved ones," said Alfred S. Holbrook III, chairman of Solomon. "Every detail at Dogwood Forest is carefully planned to meet the individual needs of our residents. The staff is positive and professional, and the programs enrich our residents' lives. We firmly believe that CNL Lifestyle Properties' goals for Dogwood Forest aligns with our belief that a better living environment leads to a better life."

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