Everest REIT Investors I LLC and Everest REIT Investors III LLC, two privately-held real estate investment companies, have completed their unsolicited tender offer for shares of CNL Healthcare Properties Inc., a publicly registered non-traded real estate investment trust. In July, Everest offered to purchase up to 8.8 million shares of CNL Healthcare common stock for $7.50 per share.
Everest purchased approximately 173,600 shares of CNL Healthcare for $1.3 million and now owns approximately 194,200 shares, or 0.1 percent of the outstanding shares.
CNL Healthcare Properties has a net asset value per share of $10.32 as of December 31, 2017, and shares were originally sold for $10.00 each. Everest’s offer price was 27.3 percent lower than the REIT’s NAV per share.
CNL Healthcare Properties focuses on acquiring properties in the seniors housing and healthcare sectors, including stabilized, value-add and development assets, as well as other income-producing properties, real-estate related securities and loans. The company closed its offering in September 2015 after raising more than $1.7 billion in investor equity, according to Summit Investment Research. As of the second quarter of 2018, the company owned a portfolio of 143 properties purchased for $2.9 billion. CNL Financial Group LLC is the sponsor of CNL Healthcare Properties.