CNL Healthcare Trust, Inc. (“CNL Healthcare”) and Sunrise Senior Living, Inc. (“Sunrise”) have joint ventured the acquisition of seven senior housing communities valued at approximately US $226 million.
In aggregate, the seven properties consist of 129 independent living units, 374 assisted living units and 184 memory-care units. By offering a diverse unit mix, these properties allow residents to transition from independent living to assisted living and, if needed, to units that specialize in caring for individuals with progressive memory loss.
The seven senior housing communities are situated throughout the U.S., including Sunrise of Santa Monica (California), Sunrise on Connecticut Avenue (Washington, D.C.); Sunrise at Siegen (Baton Rouge, Louisiana); Sunrise of Metairie (Metairie, Louisiana), Sunrise of Gilbert (Arizona), Sunrise of Louisville (Kentucky); and Sunrise at Fountain Square (Lombard, Illinois).
Under the joint venture arrangement, Sunrise will continue to operate the communities under a long-term management agreement.
CNL Healthcare Trust owns approximately 55 percent of the joint venture.
According to the company’s press release, CNL Healthcare Trust, Inc. is an investment offering that acquires properties in the senior housing and healthcare sectors, although it may also acquire other income-producing properties. The company intends to qualify as a non-traded real estate investment trust (“REIT”). CNL Financial Group, LLC is the sponsor of CNL Healthcare Trust.
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