ORLANDO, Fla., July 23, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has completed the acquisition of a portfolio of seven senior housing communities in Texas and one in Illinois for approximately $187.2 million with potential adjustments related to property net operating income. The eight properties collectively have 798 units and 72 skilled nursing beds were acquired from South Bay Partners, Ltd., a Dallas-based senior housing development company.
Additionally, CNL Healthcare Properties has formed a joint venture with South Bay Partners to develop a $38.2 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," 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."
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 said. "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."
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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For further information regarding risks and uncertainties associated with the Company's business, and important factors that could cause the Company's actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the factors listed and described under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the "Risk Factors" sections of the Company's documents filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's quarterly reports on Form 10-Q, and the Company's annual report on Form 10-K, copies of which may be obtained from the Company's Web site at www.CNLHealthcareProperties.com.
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CONTACT: Sherry Magee Senior Vice President Communications CNL Financial Group (407) 650-1223
Source:CNL Healthcare Properties