LAKE ZURICH, Ill., and ALBUQUERQUE, N.M. — CNL Health Care Properties has acquired two communities developed by Spectrum Retirement Communities, which will continue to operate the facilities. The purchase price was not disclosed.
The two communities consist of an 86-unit assisted living and memory care community located in Lake Zurich, a suburb of Chicago; and a 164-unit independent living, assisted living and memory care community in Albuquerque.
The two communities opened in 2014 and 2013, respectively, and both are 96 percent occupied.
Orlando-based CNL is the 21st largest owner of seniors housing properties in the U.S. and Denver-based Spectrum is the 38th largest operator, according to the American Seniors Housing Association.