Orlando, Fla., Jan. 15, 2014 (GLOBE NEWSWIRE) -- CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has acquired Chateau Vestavia, a 163-unit senior living community in Vestavia Hills, Ala., for approximately $18.5 million.
Chateau Vestavia opened in 1994, with a second phase to the community completed in 1997. More than $1 million was spent on improvements in 2011, including refreshing the common areas and installing new flooring. The senior housing community has 90 independent living units, 49 assisted living units and 24 memory care units. It was 90 percent occupied as of Nov. 30, 2013.
The property will be leased to an affiliate of Solomon Senior Living and Trinity Lifestyles Management, a Solomon-affiliated company will manage it. Trinity Lifestyles Management currently manages five senior living communities owned by CNL Lifestyle Properties.
"We are pleased to both be adding such a high-quality property as Chateau Vestavia to our senior living portfolio and to be expanding our very productive relationship with Trinity Lifestyles Management," said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. "We have enjoyed working with Trinity in the operation of other properties and know they will bring the same commitment to creating a very high-quality and nurturing environment to residents at Chateau Vestavia."
About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 144 properties in the United States and Canada in the lifestyle sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas, senior housing and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.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 $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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CONTACT: For information contact: Lisa Schultz Chief Communications Officer CNL Financial Group (407) 650-1223
Source:CNL Lifestyle Properties