CNL paid Senior Lifestyle Balmoral LP $12.2 million, or an average $123,232 per unit, for the 99-unit community. An affiliate of Harbor Retirement Associates will operate the property under a long-term management contract and also become the tenant.
The deal marks the first transaction between CNL and Senior Lifestyle Balmoral which is managed by Horizon Bay Senior Communities Inc. of Dallas. CNL CEO Thomas J. Hutchison III says the purchase of Balmoral Assisted Living Communities adds to CNL's "portfolio of high-quality seniors' housing facilities."
Hutchison also cites CNL's separate $19.5 million acquisition of Ann's Choice, an Erickson Retirement Communities campus that opened this summer in Warminster, PA.
Earlier this month, CNL purchased the remaining 14 Brighton Gardens assisted living communities owned by Marriott International Inc. In the $184 million deal, Marriott received $92 million in cash and provided a $92 million acquisition loan to CNL.
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