CNL Healthcare Properties II Signs Agreement for First Acquisition
February 23, 2017 | by James Sprow | Blue Vault
On February 22, CNL Healthcare Properties II, Inc., a non-traded real estate investment trust (REIT) focused on seniors housing and healthcare properties, announced a signed agreement with Summer Vista Assisted Living, LLC and Hardcourt Development No. 2, LLC to purchase the newly-constructed Summer Vista Assisted Living Community in Pensacola, Florida. This would be the first investment for CNL Healthcare Properties II.
Subject to customary due diligence and other closing conditions, the planned acquisition is expected to close during the second quarter of 2017.
SRI Management, LLC, which has managed Summer Vista Assisted Living Community since its opening, is anticipated to continue managing the community for CNL Healthcare Properties II pursuant to a five-year management agreement. The company manages 15 other seniors housing communities throughout Florida and Louisiana, and currently manages two seniors housing communities for CNL Healthcare Properties, Inc., a prior CNL healthcare REIT that closed to investors on Sept. 30, 2015.
“We are excited to further CNL’s deep investment history in the seniors housing space with our first investment in our newest healthcare fund, CNL Healthcare Properties II,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties II. “Summer Vista Assisted Living Community is a brand new, high-quality community, and is a fitting first piece of a portfolio we expect to build in partnership with leading, regional operators like SRI Management.”
Summer Vista Assisted Living Community resides on approximately 3.5 acres and consists of 67 assisted living units and 22 memory care units. The two-story community opened to residents in February 2016 and quickly reached a stabilized occupancy within five months of operation. Community amenities include a 24-hour emergency response system, on-site therapy, a beauty salon, bistro, fitness center, nature walking trail and chauffeured transportation.
“We’re excited to continue our relationship with CNL and be a part of the first acquisition by CNL Healthcare Properties II,” said Don Bishop, CEO of SRI Management. “CNL has demonstrated to be a strong, experienced owner of quality seniors housing communities, and we are pleased to continue our relationship with them going forward.”
About CNL Healthcare Properties II
CNL Healthcare Properties II intends to qualify as a real estate investment trust (REIT) for federal income tax purposes beginning with the year ending Dec. 31, 2017, or the first year in which it commences material operations. Based in Orlando Florida, CNL Healthcare Properties II intends to invest in the seniors housing, medical office, acute care and post-acute care sectors. For more information, visit CNLHealthcarePropertiesII.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $34 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit CNL.com.
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