ORLANDO, Fla., Dec. 3, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, has acquired the Fairfield Village of Layton, a Class A, senior housing community in the Salt Lake City metropolitan area. An affiliate of Portland, Oregon,-based Generations Retirement Communities will manage the 246-unit community.
"Fairfield Village of Layton is a newer, stabilized property offering a full continuum of care in a good location. This acquisition adds another quality asset to our expanding portfolio," said Kevin Maddron, senior vice president of CNL Healthcare Properties. "Generations Retirement Communities is a proven operator of similar senior living communities and we are excited to have the opportunity to partner with them to provide a great experience and outstanding care for residents."
Generations Retirement Communities has been developing and operating senior housing properties since the 1980s. With a strong regional presence in the western United States, Generations Retirement Communities is a well-recognized, proven developer and operator specializing in large continuing care retirement communities like Fairfield Village of Layton.
"We are excited to add another asset to the Generations family of managed properties and to expand our presence in the southwestern part of the United States," said Chip Gabriel, president of Generations Retirement Communities.
Formerly known as Legacy Village, the senior housing community is located in Layton, Utah. Completed in 2010, Fairfield Village of Layton is comprised of 108 independent living units, 74 assisted living units, 24 memory care units and 40 skilled nursing and rehabilitation units. As of Sept. 30, 2014, the property was 98.6 percent occupied.
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 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 $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 Healthcare Properties