The board of CNL Healthcare Properties II Inc., a publicly registered non-traded real estate investment trust, has appointed Douglas Benham to serve as chairman of its audit committee and the audit committee’s financial expert. Benham replaces J. Chandler Martin, who resigned, effective September 30th.
CNL Healthcare Properties II closed its offering yesterday and is currently exploring liquidity options. The company disclosed that Martin’s decision to resign “was made to maximize options for the company and avoid even the appearance of any potential conflict as it explores strategic alternatives.”
Strategic alternatives may include selling the company or its assets and distributing the net proceeds to shareholders; or engaging in a merger or other transaction with a third party. A liquidation of company assets or a company sale would require shareholder approval.
CNL Healthcare Properties II commenced its $1.75 billion initial public offering in March 2016 and raised $44 million in investor equity as of the second quarter 2018, according to Summit Investment Research. The company invests in senior housing, medical office, acute care and post-acute care properties, and oversees a portfolio of three properties with an investment cost of approximately $60 million.