Thu, 24/07/2014 - 11:02
CNL Healthcare Properties has completed the acquisition of a portfolio of seven senior housing communities in Texas and one in Illinois for approximately USD187.2 million.
The eight properties collectively have 798 units and 72 skilled nursing beds and were acquired from South Bay Partners, a Dallas-based senior housing development company.
Additionally, CNL Healthcare Properties has formed a joint venture with South Bay Partners to develop a USD38.2 million independent living community in Katy, Texas. South Bay will manage the community upon completion.
"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," says 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."
The properties acquired from South Bay Partners include: Watercrest at Mansfield, an independent living community and Isle at Watercrest - Mansfield, an assisted living and memory care facility both in Mansfield, Texas; Watercrest at Bryan, an independent living community and Isle at Watercrest - Bryan, an assisted living and skilled nursing facility both 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; and HarborChase of Plainfield, an assisted living and memory care community in Plainfield, Illinois.
JEA Senior Living will manage Isle at Watercrest - Bryan, Isle at Cedar Ridge, Legacy Ranch and The Springs. Harbor Retirement Associates will manage HarborChase at Plainfield. Integrated Senior Living will manage Isle at Watercrest - Mansfield and Watercrest at Bryan. Watercrest at Mansfield will be managed by an affiliate of South Bay Partners.
"Our targeted investment in these communities further allows us to deepen our relationships with dynamic, leading operators" Mauldin says. "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."
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