ORLANDO—CNL Properties Trust is working to acquire five senior living communities from affiliates of Primrose Retirement Communities. CNL Properties will pay $84 million for the portfolio.

Since the transaction is not expected to close until the first quarter of 2012 and is still subject to due diligence completion and other factors, Stephen Mauldin, president and COO of CNL Properties Trust, tells GlobeSt.com he can’t reveal all the details yet.

What we do know is the Primrose deal would be CNL Properties Trust’s first acquisition. The portfolio spans five of Primrose’s 26 senior living communities, including Casper Senior Living in Casper, Wyo., Grand Island Senior Living in Grand Island, Neb., Sweetwater Senior Living in Billings, Mont., Marion Senior Living in Marion, Ohio and Mansfield Senior Living in Mansfield, Ohio.

“We believe this transaction is an attractive initial acquisition as we begin to build our portfolio of senior living communities within CNL Properties Trust,” Mauldin explains. “Primrose has successfully developed and operated senior living communities for more than two decades, and CNL Properties Trust’s investment in these high quality, stabilized properties is a fitting launch for our fund, while also assisting Primrose’s expansion plans.”

Primrose will continue to operate the properties under a long-term lease agreement with CNL Properties Trust. The senior living facilities are 96% occupied. While CNL waits for the ink to dry on this deal, Maudlin says he is continuing to pursue acquisitions in the senior living and healthcare sector with quality regional and national operators. Of course, he admits, there are challenges.

“While the sector has seen improvements in recent quarters, the overall softness in the real estate market and economic recession can result in seniors postponing a move to certain senior housing properties,” Maudlin says. “Our strategy, however, focuses on need-based housing and care alternatives, and as the economy begins to improve, we expect the sector to continue to make occupancy gains and experience year-over-year rent growth.”