CNL Healthcare Makes Acquisitions in Florida and Iowa
- Sep 12, 2012
Orlando—CNL Healthcare Trust Inc., a seniors housing and healthcare real estate specialist, is investing $21.6 million in an assisted living and memory care development project in Florida, and acquiring three senior housing properties in Iowa for about $18.8 million.
In Florida, the company is buying, in its entirety, HarborChase of Villages Crossing in the town of Lady Lake. Upon completion, the project will consist of a two-story building containing 96 units and totaling about 91,000 square feet. The property is immediately adjacent to the Villages, the largest retirement community in the country and one of the fastest-growing small urban markets in the country, according to the U.S. Census Bureau.
Harbor Retirement Associates is the developer of the project, and when it’s finished Harbor will provide management under a long-term contract. The company has developed or renovated more than 1,400 seniors housing units across the country, and currently manages 1,411 units in 17 senior housing properties.
CNL Healthcare Trust has also acquired a 75 percent interest in three Windsor Manor senior housing properties in Iowa through a joint venture with GCI Development LLC. The properties are Windsor Manor of Vinton, a 36-unit assisted living and memory care center in Vinton; Windsor Manor of Webster City, a 46-unit assisted living and memory care facility in Webster City; and Windsor Manor of Nevada, a 40-unit assisted living and memory care property in Nevada, Iowa. The JV has entered into a long-term agreement with Provision Living LLC to operate these facilities.
CNL Healthcare Trust is a relative newcomer in the seniors housing arena, formed in the summer of 2011. Since then, however, it has grown rapidly, acquiring interests in seniors housing assets valued at more than $350 million. In June 2012, the company entered into a JV with Sunrise Senior Living to acquire seven senior housing communities for about $226 million.