ORLANDO — Orlando-based CNL Lifestyle Properties has acquired a 29-property senior housing portfolio for $630 million. CNL purchased the portfolio in a joint venture with McLean, Va.-based Sunrise Senior Living, which most recently owned the property in a joint venture with Arcapita.
The communities in the portfolio are located across 12 states, primarily in metropolitan areas. They contain a total of 2,082 units. The average age of the communities is approximately 10 years.
As part of the agreement, CNL will own a 60 percent interest in the joint venture, and Sunrise will own the remaining 40 percent. Sunrise will also operate the communities under a long-term agreement. The transaction marks CNL’s entry into the senior living market. The REIT specializes in the ownership of lifestyle properties that include ski resorts, mountain lifestyle properties, attractions, golf communities and marinas.
“With this transaction, CNL Lifestyle Properties has created a $3.1 billion portfolio of assets that appeal to individuals at all stages of life, from families with young children to people in retirement,” said Byron Carlock, president and CEO of CNL, in a statement. “This acquisition further enhances our investment thesis at a time when demand for senior living communities is increasing.”
Goldman Sachs Lending Partners is providing $435 million acquisition financing to fund the deal.
— Coleman Wood