A subsidiary of real estate investment offering CNL Healthcare Trust, Inc., sponsored by CNL Financial Group, LLC, recently entered into an agreement with Sunrise Senior Living (NYSE:SRZ) for a joint venture that will own seven senior housing communities valued at approximately $226 million.
CNL will contribute approximately $57 million and will own 55% of the joint venture, with Sunrise owning the remainder in a transaction that’s expected to close within 60 days.
Sunrise is currently the sole owner of the seven communities and will continue to operate them under a long-term management agreement.
“CNL has enjoyed a long-standing and very productive relationship with Sunrise, who we regard as a leading operator in the senior housing space,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Trust. “The seven communities are assets that are thoughtfully designed and developed by Sunrise, incorporating their signature characteristics throughout the buildings, located in exceptional markets across the country.”
The joint venture includes the following properties: Sunrise of Santa Monica in Santa Monica, Calif.; Sunrise on Connecticut Ave. in Washington, D.C.; Sunrise at Siegen in Baton Rouge, La.; Sunrise of Metairie in Metairie, La.; Sunrise of Gilbert in Gilbert, Ariz.; Sunrise of Louisville in Louisville, Ky.; and Sunrise at Fountain Square in Lombard, Ill.
The communities total 687 units are broken down into 129 independent living units; 374 assisted living units; and 184 memory care units, allowing residents to transition through a continuum of care.
Written by Alyssa Gerace