CNL Healthcare Properties II Inc., a publicly registered non-traded real estate investment trust, has agreed to sell its two remaining senior assisted living facility properties for nearly $48.9 million to affiliates of Waypoint Residential LLC, a real estate investment firm primarily focused on the U.S. rental housing sector. The potential sale is part of the REIT’s recently approved liquidation and dissolution plan.
The two remaining properties, both located in Florida, include Summer Vista Assisted Living in Pensacola and The Crossings at Riverview near Tampa. The sale is anticipated to close this month.
Shareholders of CNL Healthcare II approved the company’s plan of liquidation and dissolution at the annual meeting of stockholders in September 2019. The company estimates that net proceeds from liquidation will range between approximately $8.80 and $9.83 per share. Shares were originally sold for $10.00 each.
In May 2019, the company sold the Mid-America Surgery Institute located in Overland Park, Kansas for approximately $15.4 million. The property was originally purchased in December 2017 for $14 million, and after paying closing costs and mortgage debt, the net sales proceeds were approximately $9.5 million.
The company did not make a special distribution following the sale, but instead, used the proceeds to pay down secured debt for one of the two seniors housing properties remaining in its portfolio.
CNL Healthcare Properties II commenced its $1.75 billion initial public offering in March 2016 and raised approximately $51.2 million in investor equity before closing the offering in October 2018. The company oversees a portfolio of two senior housing properties with a total purchase price of approximately $45.7 million.