CNL Healthcare Trust, Inc. announced on Wednesday its plans to invest $40.4 million into senior housing projects, including new development and the acquisition of three Iowa assisted living and memory care communities.
The senior housing and healthcare-focused real estate investment offering will invest $21.6 million into the development of an assisted living and memory care development project in Lady Lake, Fla., called HarborChase of Villages Crossing.
HarborChase will be a two-story, 96-unit building totaling approximately 91,000 square feet. Its location is immediately adjacent to The Villages, the country’s largest retirement community, and is across from The Villages Regional Medical Center.
Upon completion, CNL Healthcare Trust will own 100% of the property. Harbor Retirement Associates will serve as the project’s developer and will provide management services under a long-term contract once the community has been completed.
On the acquisition side, CNL Healthcare Trust acquired a 75% interest in three Windsor Manor senior housing communities in Iowa for about $18.8 million through a joint venture agreement with GCI Development, LLC, and entered into a long-term management agreement with Provision Living, LLC to operate those communities.
Windsor Manor of Vinton is a 36-unit assisted living and memory care community located in Vinton, Iowa; Windsor Manor of Webster City is a 46-unit assisted living and memory care community in Webster City, Iowa; and Windsor Manor of Nevada is a 40-unit assisted living and memory care community in Nevada, Iowa.
“These four properties are an excellent fit for CNL Healthcare Trust’s expanding senior housing portfolio,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Trust, in a statement. “We continue to be compelled by strong fundamentals as demand outpaces supply for quality senior housing and other healthcare facilities. These latest investments further diversify our portfolio in terms of geography, operator and type of facility.”
Written by Alyssa Gerace