CNL Closes Final Phase of $255M-Senior Housing Deal

ORLANDO-In the biggest deal since it was formed in 1973, locally based CNL Retirement Properties Inc. has closed on the final phase of a $255 million, 21-property acquisition of senior housing assets with Washington, DC-based Marriott Senior Living Services Inc., a wholly owned subsidiary of Marriott International Inc.

This final nine-property, $89-million sector of the deal closed April 1. The acquisition places CNL among the senior housing industry leaders with an inventory of 51 properties totaling 6,018 units in 21 states. The deal “expands our geographic reach into seven new states,” says James M. Seneff Jr., chairman and CEO of CNL Financial Group, the parent of CNL Retirement Properties Inc. and other real estate-related entities.

CNL’s total acquisition from Marriott involves 3,371 shelter assets consisting of 875 independent living units; 1,570 assisted living units; 538 special-care units; and 388 skilled nursing units in 13 states.