CNL Healthcare Properties announced it entered into an agreement to acquire 21 senior living communities for $457.3 million.
The communities are located in five states throughout the Pacific Northwest according to a filing from the Securities and Exchange Commission (SEC). The portfolio includes 2,186 residential units, comprised of 664 independent living units, 1,366 assisted living units, and 156 memory care units.
The first set of 10 communities are expected to close on October 22, 2013, with the remaining over the next 30 days.
According to CNL, the properties are currently operated by Mountain West Retirement Corporation, which is doing business as Bonaventure, but plans to find a new third party operator to manage the communities after closing.
“However, in the event the Company is not able to contract with a new operator prior to closing, Bonaventure has agreed to continue to manage the communities on substantially the same terms as are currently in place between it and the PNWC Sellers for a period of up to nine months from the closings,” said CNL in the filing.
SHN reached out to Bonaventure to confirm the company owned the 21 communities but had not received a comment by press time.
Written by John Yedinak