CNL Lifestyle Properties, Inc., based in Orlando, Fla., plans to add four assisted living communities to its portfolio for $80 million, excluding closing costs.
The REIT will acquire the Georgia properties in May from Solomon Holdings II Dogwood Four LLC. The deal is still subject to due diligence and includes Dogwood Forest communities in Alpharetta, Stockbridge, Fayettville, and Gainesville, Ga.
“We believe this acquisition will further diversify and enhance CNL Lifestyle Properties’ portfolio of senior living communities,” said Joe Johnson, senior vice president for the firm.
Solomon Holding’s affiliated management company, Trinity Lifestyles Management, will continue to operate the communities under an agreement with CNL. The communities specialize in memory care, adult day-care services, post-operative care, and short-term care.
Written by Alyssa Gerace