CNL Buys Multi-State Seniors Housing Portfolio for $195M

by Jeff Shaw

DALLAS — CNL Healthcare Properties has purchased a five-property seniors housing portfolio totaling 709 units for $195 million.

Dallas-based HFF marketed the portfolio located in the Southeast and Southwest on behalf of the seller, AEW Capital Management LP and its affiliate AEW Senior Housing Investors LP. Ryan Maconachy and Chad Lavender, managing directors for HFF, represented the seller.

Properties in the portfolio include Parc at Duluth in Duluth, Ga.; Parc at Piedmont in Marietta, Ga.; The Blake at Gulf Breeze in Gulf Breeze, Fla. (now known as The Beacon at Gulf Breeze); Pavilion at Great Hills in Austin, Texas; and The Hampton at Meadow Place in Stafford, Texas.

The portfolio encompasses a mix of independent living, assisted living and memory care units, which are 93.1 percent leased overall.

Boston-based AEW Capital Management provides real estate investment management services to investors worldwide. Founded in 1981, AEW and its affiliates manage more than $47 billion of property and securities in North America, Europe and Asia.

Orlando, Fla.-based CNL is a non-traded REIT that focuses on acquiring properties in the seniors housing and healthcare sectors. During the first seven months of 2015, CNL invested approximately $540 million in 25 medical office buildings and seniors housing communities.

The company’s total portfolio now stands at 125 assets in 29 states with a value of approximately $2.5 billion.

HFF operates out of 22 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

— Scott Reid

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