ORLANDO, Fla., Feb. 24, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, acquired four senior housing communities in Washington for approximately $88.3 million.
The properties are: Bridgewood at Four Seasons Retirement & Assisted Living Community in Vancouver, Wash.; Rosemont Retirement & Assisted Living Community in Yelm, Wash.; Auburn Meadows Senior Community for Assisted Living and Special Care in Auburn, Wash.; and Monticello Park Retirement & Assisted Living Community in Longview, Wash. Combined, the communities contain 457 residential units comprised of 136 independent living units, 297 assisted living units and 24 memory care units.
Prestige Senior Living, LLC manages these communities under long-term management services agreements. Prestige owns or operates more than 80 senior housing communities throughout the Pacific Northwest, including eight other facilities owned by CNL Healthcare Properties.
"CNL Healthcare Properties is committed to creating a high-quality, geographically diversified portfolio of senior living communities across the nation, and this acquisition expands our presence in the Pacific Northwest," said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. "This acquisition also allows us to further strengthen our relationship with Prestige Senior Living, which has a long track record of creating a positive, care-centered environment for residents and their families."
Additionally, CNL Healthcare Properties is scheduled to close on West Hills Retirement and Assisted Living Community in Corvallis, Ore., in March. Prestige Senior Living will also operate that property.
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is an investment offering 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 www.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 $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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