CNL Retirement, an affiliate of locally based CNL Financial Group Inc., paid Summit Cos. Inc. of Colorado $52 million or an average $17.33 million per property for the assets in Denver, Colorado Springs and Lakewood, CO. Sunrise Assisted Living Inc. of McLean, VA, will continue to manage the properties.
CNL Retirement president Thomas J. Hutchison III calls the acquisition "high-quality senior housing facilities" and follows the REIT's strategy of "working alongside the industry's pre-eminent [senior housing] operators."
In October 2002, CNL Retirement added another 1,372 units to its portfolio with the $109 million purchase of 11 Brighton Gardens communities in seven states. The seller was Prime Care Properties LLC of Indianapolis.
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