Orlando, Fla., Oct. 2, 2014 (GLOBE NEWSWIRE) -- CNL Lifestyle Properties, Inc., a real estate investment trust (REIT) focused on demographically driven properties, has acquired two senior housing communities, The Oaks at Post Road in Cumming, Georgia and The Oaks at Braselton in Hoschton, Georgia, for $33.6 million. The properties have been leased to and will be operated by subsidiaries of The Oaks Senior Living, Inc.
"We are thrilled to add these two newer, well-occupied communities in the northeast Atlanta metropolitan area to our senior housing portfolio," said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. "This acquisition is also a great opportunity for CNL Lifestyle Properties to build a relationship with The Oaks Senior Living, which is a leading regional operator, and is known in the market for compassionate care for its residents."
The Oaks at Post Road is a 55,000-square-foot senior housing community with 100 units. Built in 2007, the property is situated on 5.78 acres and features three tiers of care to accommodate residents as their needs increase. As of July 2014, the community was 92 percent occupied.
The Oaks at Braselton is a 54,896-square-foot senior living community with 80 units. Built in 2011, the community includes two main buildings and is situated on 6.7 acres. As of July 2014, the property was 94 percent occupied.
About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 104 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 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 $29 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit CNL.com.
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CONTACT: Sherry Magee Senior Vice President Communications CNL Financial Group 407-650-1223
Source:CNL Lifestyle Properties