Non-traded REIT, CNL Healthcare Properties announced yesterday that it has recently added nine properties to its portfolio. Eight of the properties were acquired from senior housing development company, South Bay Partners, Ltd.
Seven of the properties are located in Texas and one is located in Illinois. The eight properties were purchased for approximately $187.2 million and consist of 798 units and 72 skilled nursing beds.
Sponsored by CNL Financial Group, CNL Healthcare Properties focuses on acquiring properties in the senior housing and healthcare sectors, both stabilized and development, along with other income-producing properties, real-estate related securities, and loans.
In addition, the REIT entered into a $38.2 million joint venture with South Bay Partners to develop an independent living community in Katy, Texas, which will be managed by South Bay once completed.
“South Bay Partners has a long and outstanding track record of developing well-located and high-quality senior living communities to meet both the healthcare needs and lifestyle requirements of today’s resident,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “We are excited and pleased to extend our important relationship with South Bay in the development of a new community in Texas and know that it, as well as the eight existing assets we are acquiring, will be strong additions to the CNL Healthcare Properties portfolio,” he added.
The properties acquired from South Bay Partners include:
- Watercrest at Mansfield, an independent living community in Mansfield, Texas
- Isle at Watercrest – Mansfield, an assisted living and memory care facility in Mansfield, Texas
- Watercrest at Bryan, an independent living community in Bryan, Texas
- Isle at Watercrest – Bryan, an assisted living and skilled nursing facility in Bryan, Texas
- Isle at Cedar Ridge, an assisted living and skilled nursing facility in Cedar Park, Texas
- Legacy Ranch Alzheimer’s Special Care Center, a memory care community in Midland, Texas
- The Springs Alzheimer’s Special Care Center, a memory care facility in San Angelo, Texas
- HarborChase of Plainfield, an assisted living and memory care community in Plainfield, Illinois
Isle at Watercrest – Bryan, Isle at Cedar Ridge, Legacy Ranch, and The Springs will be managed by JEA Senior Living, while Harbor Retirement Associates will manage HarborChase at Plainfield. Isle at Watercrest – Mansfield and Watercrest at Bryan will be managed by Integrated Senior Living, and an affiliate of South Bay Partners will manage Watercrest at Mansfield.
“Our targeted investment in these communities further allows us to deepen our relationships with dynamic, leading operators” Mauldin explained. “We have developed great confidence in the capabilities of JEA Senior Living, Harbor Retirement Associates and Integrated Senior Living to create and sustain engaging environments and communities where residents thrive.”