CNL Healthcare Properties, an Orlando-based senior housing and healthcare real estate investment offering, recently announced the acquisition of two senior housing communities in Iowa for $12.16 million through a joint venture with GCI Development, LLC.
Last fall, CNL Healthcare and GCI Development acquired three other Windsor Manor properties in another joint venture, bringing the portfolio to five Windsor properties totally 204 units, all located in Iowa.
“We are pleased to partner with GCI Development to add these communities to the CNL Healthcare Properties portfolio,” said Stephen Mauldin, president and CEO of CNL Healthcare Properties, in a statement. “We continue to see strong fundamentals in the senior housing industry and seek opportunities to capitalize on investments that are beneficial both for our investors and the properties.”
CNL Healthcare owns a 75% stake in the joint venture agreement to acquire Windsor Manor of Indianola, a 42-unit assisted living and memory care community located in Indianola, Iowa, and Windosor Manor of Grinnell, a 30-unit assisted living and 10-unit memory care community in Grinnell, Iowa.
Provision Living, LLC will manage both properties under a long-term management agreement.
Since CNL Healthcare Properties launched in the summer of 2011, it has acquired interests in senior housing and healthcare assets valued at more than $560 million.
In related news, CNL Healthcare recently paid off a $40 million mezzanine loan it entered into in June 2012 to acquire seven senior living properties for $226 million in a joint venture with Sunrise Senior Living.
“Thanks to our early capital deployment momentum and the recent success of our capital raise, CNL Healthcare Properties was able to pay off this loan several months earlier than anticipated,” Mauldin said. “This credit facility allowed us to make a substantial investment in a high-quality portfolio of senior living communities early in our life cycle and now the early repayment of these funds will result in measurable interest savings in 2013.”
Written by Alyssa Gerace