CNL Healthcare Acquires $131.1 Million Healthcare Real Estate Portfolio
Non-traded REIT CNL Healthcare Properties, sponsored by CNL Financial Group has acquired two specialty hospitals and three impatient rehabilitation hospitals for approximately $131.1 million.
The portfolio consists of properties located in four states with a combined total of approximately 297,110 square feet of rentable space.
“This addition to our medical portfolio gives us the opportunity to invest in two specialty hospitals and three inpatient rehabilitation hospitals that will diversify and add to our growing number of healthcare assets,” said Kevin Maddron, senior vice president of CNL Healthcare Properties. “The properties have highly qualified tenants in place that are focused on providing patients with the best possible treatment and care.”
The hospitals in the portfolio are Victory Medical Center – Mid-Cities LP in Dallas, TX, Victory Medical Center Beaumont LP in Beaumont, TX, Mercy Rehabilitation Hospital in Oklahoma City, Desert Canyon Rehabilitation Hospital in Las Vegas, NV, and Saint Joseph Regional Medical Center – South Bend Campus Inc. in Mishawaka, Indiana.
On behalf of CNL Healthcare Properties, the hospitals will be managed by Lincoln Harris CSG and Holladay Properties Services Midwest Inc.
Founded in 2010, CNL Healthcare Properties is a real estate investment trust (REIT) that focuses on acquiring investments through senior housing and medical office properties as well as other income producing real estate.
According to MTS Research Advisors, CNL Healthcare has raised $749 million in equity and owns 74 properties with a total of 3,725 units as of the end of June 2014.