Primrose Cottages, SD

CHICAGO – CNL Healthcare Properties recently acquired 10 senior living communities in six states in two separate deals totaling $158.2 million.

The transactions added 671 senior living units to the Orlando-based company’s portfolio.
 
   The first acquisition consisted of five assets purchased from Capital Health Holdings for $85.1 million. Three of the properties are in Maryland: Symphony Manor in Baltimore, Woodholme Gardens in Pikesville, and Tranquility at Fredericktowne in Frederick. The other two properties are in Michigan: Brookridge Heights in Marquette and Curry House in Cadillac.
 
Capital Health Group Management, a subsidiary of the Capital Health Holdings, will manage these properties. The communities have a total of  348 units, including 225 assisted living units and 123 memory care units.
 
The second acquisition was for five assets from Primrose Retirement Communities for $73.1 million. The properties included in this transaction were Primrose Retirement Community of Decatur in Decatur, IL, Primrose Retirement Community of Council Bluffs in Council Bluffs, IA, Primrose Retirement Community of Lima in Lima, OH, Primrose Retirement Community of Zanesville in Zanesville, OH, and Primrose Cottages in Aberdeen, SD. The properties have a total of 323 units, including 174 independent living units, 128 assisted living units, and 21 memory care units. Primrose will continue to operate the communities under long-term lease agreements.
 
“Our first year of investment has been very active and we are thrilled to end the year with the acquisition of these portfolios, which punctuates our interest in senior living communities,” Stephen H. Mauldin, president and CEO of CNL, says in a press release. 
 
Since February 2012, CNL Healthcare Properties, formerly CNL Healthcare Trust, has invested over $528 million in healthcare real estate across the U.S.