Orlando, Fla., Nov. 4, 2014 (GLOBE NEWSWIRE) -- CNL Healthcare Properties, a real estate investment trust (REIT) focused on senior housing and healthcare facilities, is investing approximately $16.2 million to expand its 263-unit senior housing community on the Raider Ranch campus in Lubbock, Texas. The expansion project, which is being developed with South Bay Partners, Ltd. and Integrated Real Estate Group, will house 42 independent living apartment units and 30 independent living villas.
The new development is adjacent to The Club at Raider Ranch and The Isle at Raider Ranch senior housing communities, which CNL Healthcare Properties acquired from South Bay Partners in 2013. Combined, they have 153 independent living units, 80 assisted living units and 30 memory care units. Once the expansion is complete, the combined campus will offer a variety of living and care options across the community's 335 units. The Club at Raider Ranch and The Isle at Raider Ranch are both managed by Integrated Senior Living LLC, which will also manage the new units.
"Further developing the Raider Ranch campus will not only add value to our initial investment, but will also allow this community to better serve people as they age and their healthcare needs change," said Kevin Maddron, senior vice president of CNL Healthcare Properties. "We are excited about this opportunity to expand our portfolio in this key market, while also further strengthening our relationships with both Integrated Senior Living and South Bay."
South Bay and Integrated Real Estate Group, both Dallas-based real estate development companies, have completed projects valued at more than $2 billion combined in the last 20 years. Earlier this year, CNL Healthcare Properties acquired several other communities developed by South Bay and announced a deal to jointly develop an independent living community in Katy, Texas.
About CNL Healthcare Properties
CNL Healthcare Properties, Inc., is a real estate investment trust (REIT) 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 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 $29 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