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CNL Healthcare Properties II to Buy First Property

CNL Healthcare Properties II Inc., a publicly registered non-traded real estate investment trust, has signed an agreement to purchase Summer Vista Assisted Living Community in Pensacola, Florida for approximately $21.5 million. The sellers are Summer Vista Assisted Living LLC and Hardcourt Development No. 2 LLC.

“We are excited to further CNL’s deep investment history in the seniors housing space with our first investment in our newest healthcare fund, CNL Healthcare Properties II,” said Stephen Mauldin, president and CEO of CNL Healthcare Properties II. “Summer Vista Assisted Living Community is a brand new, high-quality community, and is a fitting first piece of a portfolio we expect to build in partnership with leading, regional operators like SRI Management.”

Summer Vista Assisted Living Community consists of 67 assisted living units and 22 memory care units on approximately 3.5 acres of land. The two-story community opened in February 2016 and reached a stabilized occupancy within five months of operation, the company said. Community amenities include a 24-hour emergency response system, onsite therapy, a beauty salon, bistro, fitness center, nature walking trail and chauffeured transportation.

SRI Management has managed the property since its opening and is anticipated to continue managing the community pursuant to a five-year management agreement. The company currently manages two seniors housing communities for CNL Healthcare Properties, which closed to investors in September 2015.

The acquisition is expected to close during the second quarter of 2017.

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.

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