by admin

ORLANDO — Orlando-based CNL Healthcare Trust has purchased five seniors housing communities from affiliates of Primrose Retirement Communities for $84 million. The transaction marks the real estate investment trust's first acquisition.

The communities total 394 seniors housing units, all of which were built between 2004 and 2007. They include Casper Senior Living in Casper, Wyo.; Grand Island Senior Living in Grand Island, Neb.; Sweetwater Senior Living in Billings, Mont.; Marion Senior Living in Marion, Ohio; and Mansfield Senior Living in Mansfield, Ohio.

As of Feb. 12, the communities were 95 percent occupied.

“We are thrilled to complete our first acquisition with Primrose, which has a successful track record of developing and operating high-quality senior housing communities,” said Stephen Mauldin, president and CEO of CNL Healthcare Trust, in a statement. “We believe seniors housing and other healthcare assets provide an excellent opportunity for our investors as the aging population and rising healthcare costs are expected to continue to drive demand for well-positioned and well-managed real estate assets.”

Aberdeen, S.D.-based Primrose, which owns a total of 26 senior living communities, will continue to operate the five communities under a long-term lease agreement with CNL properties.

CNL Healthcare Trust plans to build a diversified portfolio of seniors housing and healthcare properties, including assisted living and memory care facilities, continuing care retirement centers and medical office buildings.

— Liz Burlingame

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