CNL Healthcare Properties Inc., a publicly registered non-traded real estate investment trust focused on senior housing, reported that John Starr has resigned as chief operating officer and senior vice president, effective July 22, 2022. His job duties will be split between three current executives.
CNL Healthcare said there was no disagreement between Starr and the company on any matter relating to its operations, policies or practices, the company said in a filing with the Securities and Exchange Commission.
John McRae, who has served as chief investment officer of the REIT’s advisor since 2015, will serve as senior vice president of the REIT, assuming Starr’s oversight and executive leadership role with respect to asset management functions.
McRae has more than 25 years of diversified real estate experience and has held numerous senior roles at CNL since 2015. CNL Healthcare noted that McRae is “well-versed” in the company’s portfolio of assets and has “extensive relationships” with its third-party operators and tenants.
In addition, Ixchell Duarte, the REIT’s chief financial officer and treasurer since February 2018, will oversee and lead the company’s financial planning, analysis, and portfolio reporting functions.
Duarte, a veteran accounting executive, has served in similar capacities at several CNL non-traded REITs, including CNL Lifestyle Properties, CNL Growth Properties, and CNL Healthcare Properties II, among others.
Lastly, Michael Tetrick, senior vice president and investment risk officer at CNL, will be named senior vice president of the REIT, assuming certain duties regarding other portfolio strategy activities and, specifically, the company’s valuation process.
Tetrick has held various positions since joining CNL in 1997, and in recent years, has been responsible for dispositions and special situations for CNL Healthcare Properties and CNL Growth Properties III LLC, as well as executive leadership of risk management and enterprise-wide insurance programs for CNL and its affiliates.
CNL Healthcare Properties closed its offering in September 2015 after raising more than $1.7 billion in investor equity. The company’s real estate portfolio consisted of interests in 72 properties, including 71 senior housing communities, one vacant land parcel.