Non-traded REIT, CNL Lifestyle Properties recently acquired two senior housing communities near Atlanta, Georgia. The REIT, which focuses on lifestyle-related properties such as golf facilities, attractions, and a number of other assets, acquired the Georgian properties for a total of $33.6 million.
The Oaks at Post Road in Cumming, Georgia is comprised of 100 units and was 92% occupied as of July 2014. Built in 2007, the 55,000 square-foot community sits on 5.78 acres. Residents benefit from three tiers of care made available as their needs increase.
The Oaks at Braselton in Hoschton, Georgia was built in 2011 and was 94% occupied as of July 2014. Built on 6.7 acres of land, the community includes two main buildings and has 54,896 square feet and 80 units.
“We are thrilled to add these two newer, well-occupied communities in the northeast Atlanta metropolitan area to our senior housing portfolio,” commented Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties in a statement.
Both properties are operated by and leased to subsidiaries of The Oaks Senior Living, Inc.
“This acquisition is also a great opportunity for CNL Lifestyle Properties to build a relationship with The Oaks Senior Living, which is a leading regional operator, and is known in the market for compassionate care for its residents,” added Mauldin.
Organized in 2003 and sponsored by CNL Capital Group, the company owns a portfolio of 140 properties.
Last month, the REIT announced in a letter to stockholders that it is planning for a liquidity event.