Real estate investment trust CNL Lifestyle Properties, Inc. recently acquired four Georgia senior housing communities for $79.8 million, bringing the REIT’s total number of senior housing properties to 56. CNL purchased the communities from affiliates of Solomon Holdings III Dogwood Four, LLC.
The four communities are:
- Dogwood Forest of Alpharetta in Alpharetta, Ga., which was 96.3% occupied at time of sale
- Dogwood Forest of Eagles Landing in Stockbridge, Ga., at 100% occupancy at time of sale
- Dogwood Forest of Fayetteville in Fayetteville, Ga., at 93.4% occupancy at time of sale
- Dogwood Forest of Gainesville in Gainesville, Ga., where the assisted living and memory care section was 100% occupied at time of sale, while independent living section The Holbrook, still in a lease-up phase, was 59% occupied at time of sale.
There are a total of 347 units among the communities, comprised of 85 independent living, 186 assisted living, and 76 memory care units. The properties are all located in the Greater Atlanta area and will continue to be managed by Solomon’s affiliated management company, Trinity Lifestyles Management II, LLC, under an agreement with CNL Lifestyle Properties.
Dogwood Forest, founded in 2005, provides assisted living, memory care, adult day services, and post-operative and short-term care to seniors.
Written by Alyssa Gerace