The seven properties contain 687 units all together and are currently wholly owned by Sunrise, which developed them. They consist of 129 independent living units; 374 assisted living units; and 184 memory-care units. After the closing, the seven will continue to be operated by Sunrise under a long-term management agreement.
By offering a diverse unit mix, the properties allow residents to transition from independent living to assisted living and, if need be, to units that specialize in caring for individuals with progressive memory loss, according to the JV partners. That’s advantageous for residents who need these services, but also helps the properties maintain their occupancies by retaining those residents.
“The acquisition is a reflection of the focus CNL Healthcare Trust has on senior housing and healthcare real estate,” a spokesman for CNL tells MHN. “It’s the second investment in senior housing properties for the company since the fund launched in June 2011.” Once the JV closes, the fund will have acquired more than $310 million in seniors housing assets.
The seven-property portfolio isn’t concentrated in any particular part of the country. The properties include Sunrise of Santa Monica in Santa Monica, Calif.; Sunrise on Connecticut Avenue in Washington, D.C.; Sunrise at Siegen in Baton Rouge; Sunrise of Metairie in Metairie, La., near New Orleans; Sunrise of Gilbert in Gilbert, Ariz.; Sunrise of Louisville in Louisville, Ky.; and Sunrise at Fountain Square in Lombard, Ill., in suburban Chicago.