CNL Healthcare Trust, Inc., said on Feb. 20 that it made its first acquisition (originally announced in December), a five-property portfolio of senior housing communities purchased for approximately $84 million.
CNL is a real estate investment offering that recently changed its name from CNL Properties Trust to reflect its focus on healthcare assets. The portfolio was acquired from affiliates of Primrose Retirement Communities.
“We are thrilled to complete our first acquisition with Primrose, which has a successful track record of developing and operating high quality senior housing communities,” said Stephen H. Mauldin, president and chief operating officer of CNL Healthcare Trust, in a statement. “We believe senior housing and other healthcare assets provide an excellent opportunity for our investors as the aging population and rising healthcare costs are expected to continue to drive demand for well-positioned and well-managed real estate assets.”
The purchased communities include Casper Senior Living, in Casper, Wyo.; Grand Island Senior Living in Grand Island, Neb.; Sweetwater Senior Living in Billings, Mont.; Marion Senior Living in Marion, Ohio; and Mansfield Senior Living in Mansfield, Ohio.
The communities, which were 95% occupied as of Feb. 12, will still be operated by Primrose under a long-term triple net lease.
Written by Alyssa Gerace