CNL Healthcare Properties II Purchases First Property
CNL Healthcare Properties II Inc., a publicly registered non-traded real estate investment trust, purchased Summer Vista Assisted Living Community in Pensacola, Florida for $21.4 million. This is the first acquisition for CNL Healthcare Properties II. The DI Wire reported on the signing of the purchase agreement in February.
SRI Management LLC, which has managed Summer Vista Assisted Living Community since its opening in February 2016, will continue managing the community under a 5-year management agreement. SRI manages 15 other seniors housing communities throughout Florida and Louisiana, including two for a related REIT, CNL Healthcare Properties.
“We are pleased to make such a high-quality investment, with a trusted operating partner, as the first addition to our portfolio,” says Stephen Mauldin, president and CEO of CNL Healthcare Properties II. “It is exciting to begin executing on our strategic plan and thoughtfully deploy our shareholders’ capital in a dynamic healthcare real estate environment. We very much look forward to working closely with SRI Management to provide residents with an exceptional housing and care experience.”
Summer Vista Assisted Living Community resides on approximately 3.5 acres and consists of 67 assisted living units and 22 memory care units. Community amenities include a 24-hour emergency response system, on-site therapy, a beauty salon, bistro, fitness center, nature walking trail and chauffeured transportation.
CNL Healthcare Properties II commenced its $1.75 billion initial public offering in March 2016 and broke escrow in July. The company intends to invest in senior housing, medical office, acute care and post-acute care properties and has raised approximately $10 million in investor equity since inception. The REIT is sponsored by CNL Financial Group, a private investment management firm headquartered in Orlando, Florida.
