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.