Non-traded REIT, CNL Healthcare Properties, has made a $68 million purchase in the Salt Lake City metropolitan area of Utah.
Fairfield Village of Layton is a class-A senior housing community with 246 units. Once known as Legacy Village, the facility has 108 independent living units, 74 assisted living units, 24 memory care units and 40 skilled nursing and rehabilitation units. As of Sept. 30, 2014, the property was 98.6% occupied. The property will be managed by Generations Retirement Communities.
“Fairfield Village of Layton is a newer, stabilized property offering a full continuum of care in a good location. This acquisition adds another quality asset to our expanding portfolio,” commented Kevin Maddron, senior vice president of CNL Healthcare Properties. He continued, “Generations Retirement Communities is a proven operator of similar senior living communities and we are excited to have the opportunity to partner with them to provide a great experience and outstanding care for residents.”
“We are excited to add another asset to the Generations family of managed properties and to expand our presence in the southwestern part of the United States,” added Chip Gabriel, president of Generations Retirement Communities.
Formed in 2010 and sponsored by CNL Financial Group, CNL Healthcare Properties focuses on senior housing and healthcare facilities. The REIT had $891 million in assets as of the end of 2014’s third quarter, according to data from MTS Research Advisors. The REIT expects to close its initial public offering around January 30, 2015.