The acquisition grows CNL's portfolio to 139 properties in 29 states. When the deals close later this quarter, 19 properties will be acquired in one transaction and one property in a separate transaction. All of the properties are managed by Tampa, FL-based Horizon Bay Senior Communities which will continue to oversee the assets for CNL.
"This strategic opportunity will enable CNL to further its position as one of the nation's largest and most dynamic REITs in the seniors housing industry, with the addition of an impressive mix of independent and assisted living communities in a number of strong, demand-drive markets," says Thomas J. Hutchison III, CEO and president of CNL Retirement Properties.
Hutchison adds that CNL is "equally pleased to be associated with Horizon Bay, a premier management company that shares and embraces CNL's high standards of quality care."
Horizon Bay CEO and president Thilo D. Best says the transaction "helps Horizon Bay take advantage of future opportunities in our industry as we strive to exceed the standards of our institutional owners."
The largest property in the Horizon Bay portfolio is Pinecrest Place in Largo, FL which has 388 independent living units and 47 assisted living units.
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