CNL REIT Acquires Two Senior Housing Properties for $46 Million

CNL Lifestyle Properties, Inc., an Orlando-based real estate investment trust, recently acquired two senior living communities for approximately $45.85 million. 

The two independent living and assisted living properties will be operated by an affiliate of Radiant Senior Living, Inc. 

“Bozeman Lodge and Pioneer Village are both stabilized, newer assets which we believe are strong additions to our senior housing portfolio,” said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties, in a statement. “These acquisitions provide us with the opportunity to cultivate a new relationship with an experienced operator, and we are excited to partner with Radiant Senior Living.”

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Bozeman Lodge, located in Bozeman, Mont., has 131 units comprised of 107 independent and assisted living apartment units and 24 independent living duplex-style cottages.

The community was built in 2008 and was 94% occupied as of the end of 2013’s second quarter. All the apartment units are licensed as “Level A” assisted living units in Montana, allowing them to house both independent and assisted living residents. 

Pioneer Village is a 99-unit senior housing community in Jacksonville, Ore. that has two main buildings comprised of 37 independent living apartments and 51 assisted living apartments. There are also 11 retirement cottages with attached garages on the property.

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The community was built in 2005 and was 95% occupied as of June 30, 2013. Resident amenities include a bistro, billiard room, fitness room, and library.

CNL Lifestyle Properties now has 138 properties in the United States and Canada in the lifestyle sectors, encompassing senior housing, golf, marinas, and other lifestyle properties. 

Written by Alyssa Gerace

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