Orlando, Fla., April 04, 2017 (GLOBE NEWSWIRE) -- CNL Healthcare Properties II, Inc., a non-traded real estate investment trust (REIT) focused on seniors housing and healthcare properties, has purchased the newly constructed Summer Vista Assisted Living Community in Pensacola, Florida, for $21.4 million. This is the first acquisition for CNL Healthcare Properties II.
SRI Management, LLC, which has managed Summer Vista Assisted Living Community since its opening in February 2016, will continue managing the community under a five-year management agreement. SRI manages 15 other seniors housing communities throughout Florida and Louisiana, including two for a related REIT, CNL Healthcare Properties, Inc.
“We are pleased to make such a high-quality investment, with a trusted operating partner, as the first addition to our portfolio,” says Stephen H. Mauldin, president and CEO of CNL Healthcare Properties II. “It is exciting to begin executing on our strategic plan and thoughtfully deploy our shareholders’ capital in a dynamic healthcare real estate environment. We very much look forward to working closely with SRI Management to provide residents with an exceptional housing and care experience.”
Summer Vista Assisted Living Community resides on approximately 3.5 acres and consists of 67 assisted living units and 22 memory care units. Community amenities include a 24-hour emergency response system, on-site therapy, a beauty salon, bistro, fitness center, nature walking trail and chauffeured transportation. The community reached a stabilized occupancy within its first five months of operation.
“Our team is excited to continue managing such a first-rate property and leveraging our experience to add value to both residents and CNL Healthcare Properties II,” said Don Bishop, CEO of SRI Management. “We have enjoyed building a successful partnership with CNL and look forward to the opportunities ahead.”
About CNL Healthcare Properties II
CNL Healthcare Properties II intends to qualify as a real estate investment trust (REIT) for federal income tax purposes beginning with the year ending Dec. 31, 2017, or the first year in which it commences material operations. Based in Orlando Florida, CNL Healthcare Properties II intends to invest in the seniors housing, medical office, acute care and post-acute care sectors. For more information, visit CNLHealthcarePropertiesII.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 $34 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit CNL.com.
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Sherry Magee Senior Vice President Communications CNL Financial Group 407-650-1223
Source: CNL Healthcare Properties II