ORLANDO-In a joint venture with Sunrise Senior Living, CNL Lifestyle Properties has snapped up 29 senior living communities across 12 states in a transaction valued at $630 million. The acquisition marks CNL Lifestyle Properties’ entry into the senior living market and complements the REIT’s demographics-driven investment strategy.

Sunrise will operate the communities under a long-term management agreement. Goldman Sachs Lending Partners provided $435 million in financing for the deal. CNL owns 60% of the joint venture. Sunrise owns the remaining 40%.

CNL is no stranger to senior living properties. CNL Retirement Properties, another REIT sponsored and managed by CNL Financial Group, was sold for $5.3 billion in October 2006 to Health Care Property Investors. At the time, it was one of the largest healthcare real estate transactions ever completed.