ORLANDO—In its second investment in senior housing properties since the fund launched 12 months ago, CNL Healthcare Trust has partnered with Sunrise Senor Living in a $226 million joint venture that will own seven more senior housing communities. The transaction is expected to close within 60 days.

CNL Healthcare Trust will own 55% of the joint venture. The seven senior housing properties include 687 living units Sunrise currently owns wholly. Sunrise will continue to operate the senior living assets under a long-term management agreement.

Stephen Mauldin, president and CEO of CNL Healthcare Trust, tells GlobeSt.com the senior living facilities were attractive, in part, because they are high quality communities, with an average age of less than five years, located in or near major cities. Moreover, he adds, the properties address the needs of an aging population in a residential setting, offering assistance with activities of daily living.