ORLANDO, FLA. — Orlando-based CNL Healthcare Trust, through a joint venture with Sunrise Senior Living (NYSE:SRZ), has purchased seven seniors housing communities valued at approximately $226 million. Sunrise will continue to operate the communities under a long-term management agreement.
“This joint venture with Sunrise strengthens CNL Healthcare Trust’s senior housing portfolio and is consistent with our strategy of partnering with leading operators in attractive markets across the country,” says Stephen H. Mauldin, president and CEO of CNL Healthcare Trust. “As our nation’s demographics continue to shift, there is a growing demand for quality seniors housing and healthcare real estate, which continues to drive our attraction to these types of investments. With our team’s deep and broad healthcare operating and investment experience, CNL Healthcare Trust is well positioned to take advantage of opportunities.”
The seven communities include Sunrise of Santa Monica in Santa Monica, Calif.; Sunrise on Connecticut Avenue in Washington, D.C.; Sunrise at Siegen in Baton Rouge, La.; Sunrise of Metairie in Metairie, La., near New Orleans; Sunrise of Gilbert in Gilbert, Ariz., near Phoenix; Sunrise of Louisville in Louisville, Ky.; and Sunrise at Fountain Square in Lombard, Ill., near Chicago.
The seven communities have an average age of less than five years and total 374 assisted living units, 184 memory-care units and 129 independent living units.
CNL Healthcare Trust owns approximately 55 percent of the joint venture. In the last six months, CNL Healthcare Trust has acquired interests in senior living communities valued at $310 million in nine states and Washington, D.C.
Sunrise Senior Living’s stock price closed Tuesday at $7.75 per share, down from $9.97 per share at this time last year.
— John Nelson