CNL Lifestyle Properties to Acquire Georgia Assisted Living Communities
- Mar 07, 2012
Orlando, Fla.—Orlando real estate investment trust CNL Lifestyle Properties, Inc. announced last week its intention to acquire four Atlanta-area assisted living communities from current owner Solomon Holdings III Dogwood Four LLC, Orlando. The $80 million acquisition, exclusive of closing costs, is scheduled for a May closing.
The four properties to be included in the transaction are Dogwood Forest of Alpharetta in Alpharetta, Ga.; Dogwood Forest of Eagles Landing in Stockbridge, Ga.; Dogwood Forest of Fayetteville in Fayetteville, Ga.; and Dogwood Forest of Gainesville in Gainesville, Ga. Solomon’s affiliated management company, Trinity Lifestyles Management, will continue to operate the communities under an agreement with CNL Lifestyle Properties.
A variety of factors made the properties appealing to CNL Lifestyle Properties, a firm with a portfolio of 170 properties in the United States and Canada, chiefly within the ski and mountain lifestyle, attractions, golf, marinas and senior living segments of the lifestyle sector.
“We were attracted to the Dogwood communities because they are newer assets in a major metropolitan areas, with a strong record of performance,” Senior Vice President and Chief Financial Officer Joe Johnson tells MHN. “The properties are in great locations in their various Georgia communities, and the properties have been managed by an experienced, locally-based operator for much of their history . . . There were no significant obstacles to the deal, nor do we anticipate any. We still have to go through the ordinary due diligence process, but do not expect any delays.”
The acquisition stands to further diversify and enhance the senior living community portfolio of CNL Lifestyle Properties, Johnson observes. “Dogwood Forest has a history of providing services and programs that create living environments producing positive outcomes for their residents,” he continues. “Trinity Lifestyles’ goals for the properties align with our desire to expand our presence in the assisted living asset class.”
Dogwood Forest was founded in 2005 and embraces clinical research and data to ensure assisted living residents benefit from a living environment that emphasizes healing, hope, independence and security.
Memory care, adult day services, post-operative care and short-term care are among the specializations of the communities.
Residents of the facilities should see no disruption in services they have come to expect. “There will not be a change in the current manager or the employees at the properties, as a result of this acquisition,” says Kevin Maddron, senior vice president of asset management for the health care sector at CNL Lifestyle Properties. “We don’t anticipate changes for the residents, as the properties will continue to be served by Trinity Lifestyles Management.”