A busy week for CNL Healthcare Properties sees the non-traded REIT sponsored by CNL Financial Group making an acquisition near Boston, expanding a Texas property, and hosting a webinar to discuss its net asset value.
With a focus on senior housing and healthcare facilities, CNL Healthcare acquired the Newburyport Medical Center outside Boston, expanding the REIT’s presence in New England. The 43,280 square-foot, Class A, multitenant medical office building was purchased for $18 million. Completed in 2008, the building is located on the Anna Jaques Hospital campus in Newburyport, Massachusetts. It’s currently 100% occupied by six tenants.
“With the addition of the Newburyport Medical Center, we are thrilled to expand our portfolio with this highly desirable, on-campus building into the dynamic Boston metropolitan area,” commented Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “The investment also promotes the opportunity to grow our important relationship with Holladay Properties.”
Holladay Properties will provide management services to the Newburyport Medical Center and currently manages and leases a medical office building in the neighboring town of Haverhill.
In a different part of the country, CNL Healthcare has commenced plans to expand its senior housing community on Raider Ranch in Lubbock, Texas. Currently consisting of 263 units, CNL Healthcare is investing $16.2 million to expand the properties across a campus that will total 335 units. The new development is next door to The Club at Raider Ranch and The Isle at Raider Ranch, both senior housing communities owned by CNL. Together, they have 153 independent living units, 80 assisted living units, and 30 memory care units. Once completed, the expansion will have 42 independent living apartment units and 30 independent living villas.
“Further developing the Raider Ranch campus will not only add value to our initial investment, but will also allow this community to better serve people as they age and their healthcare needs change,” said Kevin Maddron, senior vice president of CNL Healthcare Properties. “We are excited about this opportunity to expand our portfolio in this key market, while also further strengthening our relationships with both Integrated Senior Living and South Bay.”
In addition, CNL Healthcare will be hosting a webinar tomorrow, November 7, 2014 at 1pm EST to discuss the results of its estimated net asset value.
Visit www.CNLHealthcareProperties.com/webinar to register for the webinar, and dial 800-670-8680 to access it. The presentation will be available on the website 48 hours after the end of the webinar.
Formed in 2010, the REIT had raised $749 million in equity and owned 74 properties with a total of 3,725 units, as of June 2014, according to data from MTS Research Advisors. The REIT expects to close its initial public offering around January 30, 2015.