CNL Healthcare Acquires 12-Property Senior Living Portfolio for $302 Million

Real estate investment trust CNL Healthcare Properties has acquired a 12-property senior living portfolio for $302 million, the company announced Monday. The 12 properties are located in the northwest United States, and span independent living, assisted living and memory care units.

The 12 properties are based in Idaho, Montana, Nevada and Oregon and will be managed by Prestige Senior Living and MorningStar Senior Living, each under long-term leases established with CNL. Both Prestige and MorningStar are new operating partners for CNL Healthcare, the company confirmed.

The properties are part of a previously announced portfolio acquisition that will total $457 million and 21 properties; the sellers and purchase prices were disclosed in a filing with the Securities and Exchange Commission.


The REIT recently opened a $120 million credit line, stating at the time it would be used to bolster its portfolio through acquisitions, ramping up since its first first senior housing investment just two years ago.

“Since CNL Healthcare Properties’ first investment in senior housing less than two years ago, we have made a commitment to assembling a strong and diverse portfolio of assets in this sector,” said Stephen Mauldin, president and CEO of CNL Healthcare Properties, in a press release. “The acquisition of these properties, our largest single acquisition to date, reaffirms our focus on this important and dynamic sector and represents our first significant investment into the Pacific Northwest.”

The properties comprise a combined total of 1,404 independent living, assisted living and memory care units with the average age of the communities weighted by units of 7.3 years old.


Prestige will manage eight of the properties; all of which are based in Oregon. MorningStar will manage two properties in Idaho, one community in Nevada and one community in Montana.

The Oregon communities include Prestige Senior Living Southern Hills, an assisted living community and Prestige Senior Living Orchard Heights, an assisted living and memory care community, both in Salem; Prestige Senior Living Riverwood, an assisted living community in Tualatin; Prestige Senior Living High Desert, an assisted living community in Bend; Prestige Senior Living Arbor Place, an assisted living community in Medford; Prestige Senior Living Huntington Terrace, an assisted living community in Gresham; Prestige Senior Living Five Rivers, an independent and assisted living community in Tillamook; and Prestige Senior Living Beaverton Hills, an assisted living community in Beaverton.

The remaining communities include MorningStar of Boise, an independent and assisted living community in Boise; MorningStar of Idaho Falls, an independent living, assisted living and memory care community in Idaho Falls;  MorningStar of Billings, an independent living, assisted living and memory care community in Billings, Mont., and MorningStar of Sparks, an independent living, assisted living and memory care community in Sparks, Nevada.

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“We are pleased to add these properties to our rapidly expanding portfolio of senior housing communities,” said Mauldin. “We are eager to cultivate relationships with both Prestige and MorningStar, who both have deep expertise in caring for seniors and, importantly, share our values of ensuring the highest quality care to residents.”

Written by Elizabeth Ecker

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