ORLANDO, Fla., Feb. 24, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, will invest approximately $35.3 million to develop a 152-unit senior housing community in Tega Cay, S.C., approximately 20 miles southwest of Charlotte, N.C., and located in the Charlotte-Concord-Gastonia, NC-SC Metropolitan Statistical Area. The community is located on more than 12.5 acres with six planned buildings totaling about 175,000 square feet.
The community will feature 80 assisted living units, 24 memory care units and 48 units offering skilled nursing and short-term rehabilitative services. Additionally, it will have a resident clubhouse for dining, as well as a health and wellness center to provide residents with services designed to maintain their independence as they age.
This is the fifth development in which CNL Healthcare Properties has made a capital investment.
The community will be developed by Maxwell Group, Inc., a Charlotte-based company that has developed and operated senior housing properties in North Carolina, South Carolina, Georgia, Florida and Indiana. Upon completion, Maxwell will operate the community under its Wellmore brand.
"The development of this community at Tega Cay allows CNL Healthcare Properties to bring a Class-A senior living community to market and further diversify our portfolio, both in terms of property age and geography," said Kevin R. Maddron, senior vice president of CNL Healthcare Properties. "We are excited to be partnering with Maxwell Group on this project. They have a strong reputation for creating and managing communities focused on wellness and resident-centric living environments. Maxwell has been nationally recognized for its wellness approach to caring for seniors, and we believe both this community and the residents of South Carolina will see the benefits for years to come."
"CNL Healthcare Properties has brought great execution to the table and is the ideal partner for our purpose of building and operating communities that help older folks live a higher quality, longer life, through a full continuum of care community that we call the 'Weller Life,'" said Donald Thompson, CEO of Maxwell Group, Inc.
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is a real estate investment trust (REIT) that focuses on acquiring properties in the senior housing and healthcare sectors, both stabilized and development, as well as other income-producing properties, real-estate related securities and loans. CNL Financial Group, LLC is the sponsor of CNL Healthcare Properties. For more information, visit www.CNLHealthcareProperties.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 Services Officer CNL Financial Group (407) 650-1223
Source:CNL Healthcare Properties