PALM BEACH, FL—CNL Lifestyle Properties has snapped up Rapids Water Parks, a 30-acre family water park in West Palm Beach. Financial terms of the deal were not disclosed.

Rapids Water Park offers one of the largest and most diverse collections of water attractions in the United States. The park includes 35 water slides and thrill rides, a 25,000-square-foot wave pool, multiple kids play areas, and a lazy river.

“Rapids Water Park is a complementary addition to our portfolio as we have enjoyed good performance from our standalone water parks such as Splashtown in Houston,” Curt Caffey, senior vice president and managing director of CNL Financial Group, tells GlobeSt.com. “These water parks offer consumers a unique product in the market with attractive margins for investors.”

Rapids Water Park is leased to and operated by Rapids Holdings LLC, led by Kieran Burke, the former chairman and CEO of Six Flags Entertainment Corporation. Burke and his partners, through Premier Attractions Management, LLC, and other affiliates, operate six other parks. CNL Lifestyle Properties owns three of them: Frontier City Theme Park and White Water Bay, both in Oklahoma City, Okla., and Splashtown in Houston, Texas.

Rapids Water Park first opened in the late 1970s, but underwent significant expansion in the mid-1990s. Caffey called it an “ideal investment” for CNL.

“It is a high quality attraction that has successfully penetrated the South Florida market by offering an excellent guest experience, while engaging in ambitious and significant expansion projects,” Caffey says. “This water park asset has likely been pursued by multiple parties over the past five years. Unique timing and persistence allowed CNL Lifestyle Properties to get this transaction completed in an off-market transaction.”

With this acquisition, CNL Lifestyle Properties’ attractions portfolio is comprised of 20 properties across 12 states, totaling more than $480 million in investment value. Caffey says CNL Lifestyle Properties is actively looking for good investment opportunities with unique attributes that could provide good returns for our investors.