INDIANAPOLIS—CNL Lifestyle Properties, Inc., a real estate investment trust, has just acquired The Stratford Continuing Care Retirement Community, a 221-unit senior housing community in Carmel, IN, a suburb just north of Indianapolis, for $22 million. They have decided to retain the Maxwell Group Inc., as the community's manager.
The purchase comes on the heels of the Orlando-based REIT's recent announcement of their first quarter operating results, which showed that their total revenues increased $17.2 million or 19.3% for the quarter ended March 31, 2013, as compared to the year-ago period. The trust now has a portfolio with 176 lifestyle properties such as senior housing and marinas, and those that cater to golfers and skiers. They began moving into senior housing in January 2011 and have since acquired 62 properties with a total value of more than $1.1 billion.
“The Stratford is an outstanding addition to our portfolio and its location in one of the most affluent suburbs of Indianapolis provides us with a top asset in a very strong market,” says Kevin R. Maddron, senior managing director of CNL Financial Group.
The Stratford provides tenants with an array of services through its independent, assisted living, memory care and skilled nursing care units. It was built in 2009 as part of the Village of WestClay, an affluent development about 15 miles north of Indianapolis.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
