Orlando, FL-based CNL Healthcare Trust, Inc. has agreed to invest in a $21.6 million assisted living and memory care development project in Florida, part of a $40 million total investment that includes the acquisition of three existing senior housing communities in Iowa.
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CNL Healthcare will own HarborChase of Villages Crossing, a $21.6 million to-be-built assisted living and memory care community in Lady Lake, FL, slated as a two-story building containing 96 units and about 91,000 square feet. The property is next to The Villages, the largest retirement community in the country and one of the fastest growing small urban markets in the U.S., and across from The Villages Regional Medical Center.
Harbor Retirement Associates (HRA) will serve as the developer of the project and will manage the facility under a long-term contract. HRA has developed and refurbished or renovated more than 1,400 senior housing units across the country and currently manages 1,411 units found in 17 senior housing communities.
“We continue to be compelled by strong fundamentals as demand outpaces supply for quality senior housing and other healthcare facilities. These latest investments further diversify our portfolio in terms of geography, operator and type of facility,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Trust.
The company also acquired a 75% interest in three Windsor Manor senior housing communities in Iowa through a joint venture agreement with GCI Development, LLC, and entered into a long-term management agreement with Provision Living, LLC to operate the facilities.
Windsor Manor of Vinton is a 36-unit assisted living and memory care center located in Vinton, IA; Windsor Manor of Webster City is a 46-unit assisted living and memory care facility located in Webster City, IA; and Windsor Manor of Nevada is a 40-unit assisted living and memory care community located in Nevada, IA.
Since the launch of CNL Healthcare Trust in the summer of 2011, the fund has acquired interests in senior housing assets valued at more than $350 million. In June 2012, the company entered into a joint venture with Sunrise Senior Living to acquire seven senior housing communities for approximately $226 million.