CNL expects to close a final acquisition from WHSLH during the first quarter that will increase the total value of the 20-property deal to $562 million for 3,600 units. The 19 acquired properties are in Alabama, Arizona, California, Florida, Illinois, Rhode Island and Texas. The transaction marks CNL's entrance into the Arizona and Rhode Island markets.
All of the properties are managed by Tampa, FL-based Horizon Bay Senior Communities which will continue to oversee the assets for CNL on undisclosed long-term contracts, says Thomas J. Hutchison III, CEO and president of CNL Retirement Properties, a subsidiary of CNL Financial Group Inc., Florida's largest privately held real estate investment and finance company.
The Whitehall Street Real Estate Funds, managed by New York-based Goldman Sachs & Co., owns WHSLH.
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