ORLANDO—In its second investment in senior housing properties since the fund launched 12 months ago, CNL Healthcare Trust has partnered with Sunrise Senor Living in a $226 million joint venture that will own seven more senior housing communities. The transaction is expected to close within 60 days.

CNL Healthcare Trust will own 55% of the joint venture. The seven senior housing properties include 687 living units Sunrise currently owns wholly. Sunrise will continue to operate the senior living assets under a long-term management agreement.

Stephen Mauldin, president and CEO of CNL Healthcare Trust, tells GlobeSt.com the senior living facilities were attractive, in part, because they are high quality communities, with an average age of less than five years, located in or near major cities. Moreover, he adds, the properties address the needs of an aging population in a residential setting, offering assistance with activities of daily living.

“These properties also provide separate accommodations and services for residents with memory impairment issues,” Mauldin says. “These assets represent an attractive alternative to seniors who need care or can no longer remain in their homes. We believe they are a good fit with CNL Healthcare Trust's investment strategy as it seeks to invest in senior housing and healthcare properties with quality operators.”

In aggregate, the seven properties consist of 129 independent living units, 374 assisted living units and 184 memory-care units. The properties include: Sunrise of Santa Monica in Santa Monica, CA; Sunrise on Connecticut Avenue in Washington, D.C.; Sunrise at Siegen in Baton Rouge, LA; Sunrise of Metairie in Metairie, LA, near New Orleans; Sunrise of Gilbert in Gilbert, AZ, near Phoenix; Sunrise of Louisville in Louisville, KY; and Sunrise at Fountain Square in Lombard, IL, near Chicago.

"We have a robust pipeline of attractive potential acquisitions throughout the US and are currently working on a number of opportunities that we hope to be able to announce soon,” Mauldin says. “We believe our investors will be thrilled with what we are finding and feel that we will continue to find great buying opportunities over the next several years in a variety of locations with a great mix of excellent operators."