CNL Lifestyle Properties Acquires Washington Properties
CNL Lifestyle Properties, a non-traded REIT focused on lifestyle-related industries, announced today that it has acquired two facilities in Washington State. The properties are La Conner Retirement Inn located in La Conner, Washington, and South Pointe Assisted Living in Everett, Washington. Both properties are assisted living and independent living communities.
The two properties were acquired for approximately $12.5 million and will be operated by affiliates of Radiant Senior Living Inc, which already operates two of the REITs other senior housing communities.
“We look forward to growing our relationship with CNL Lifestyle Properties through the operation of La Conner Retirement Inn and South Pointe Assisted Living,” said James T. Guffee, president and CEO of Radiant Senior Living. “CNL Lifestyle Properties has proven to be a good partner that deeply cares about the companies it works with and the residents we care for,” he added.
La Conner Retirement Inn has 67 units and a total of 64,930 square feet. First built in 1998, an addition was added in 2004. The property’s main building includes 58,240 square feet comprised of 60 units. The campus includes seven cottages that total 6,690 square feet. The facility was 83.6% occupied as of June 10.
South Pointe Assisted Living was built in 1997 with additions added in 2001 and 2004. The 41-unit community has a main building of 22,717 square feet and five cottages totaling 7,430 square feet. As of June 10 the property was 97.6% occupied.
“We are delighted to further expand our senior housing portfolio in the Pacific Northwest with these two well-established communities,” commented Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. He continued, “We have terrific confidence in Radiant Senior Living’s care delivery and operating capabilities, which we have experienced first-hand through their management of Pioneer Village and Bozeman Lodge, both of which we acquired in 2013.”
Sponsored by CNL Capital Group, CNL Lifestyle Properties owns a portfolio of 149 properties throughout the U.S. and Canada. Based in Orlando, Florida, the company focuses on acquiring ski and mountain lifestyle properties, attractions, golf, marinas, senior housing, and additional lifestyle properties.
