CNL Healthcare Properties real estate investment trust has acquired four senior housing communities in Washington for a total of $88.3 million.
The properties—all of which are managed by Prestige Senior Living—contain a combined 457 units including 136 independent living units, 297 assisted living units and 24 memory care units. CNL said in announcing the acquisition that the deal gives the company an opportunity to further strengthen its relationship with the operator.
“CNL Healthcare Properties is committed to creating a high-quality, geographically diversified portfolio of senior living communities across the nation, and this acquisition expands our presence in the Pacific Northwest,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “This acquisition also allows us to further strengthen our relationship with Prestige Senior Living, which has a long track record of creating a positive, care-centered environment for residents and their families.”
Prestige owns or operates more than 80 senior housing communities throughout the Pacific Northwest region, including eight additional facilities that are owned by CNL Healthcare Properties.
The communities being acquired include Bridgewood at Four Seasons Retirement & Assisted Living Community in Vancouver, Wash.; Rosemont Retirement & Assisted Living Community in Yelm, Wash.; Auburn Meadows Senior Community for Assisted Living and Special Care in Auburn, Wash.; and Monticello Park Retirement & Assisted Living Community in Longview, Wash.
CNL also announced this week it is investing $35.3 million toward development of a new 152-unit senior housing community in Tega Cay, South Carolina, southwest of Charlotte. The community will include 80 assisted living units, 24 memory care units and 48 units for skilled nursing and short-term rehabilitative services in addition to cutting edge amenities.
The community will be developed by Maxwell Group, Inc., and upon completion, Maxwell will operate the community under its Wellmore brand.
Written by Elizabeth Ecker