ORLANDO—CNL Healthcare Trust has closed on its purchase of seven senior housing communities valued at about $226 million. CNL acquired the assets through a joint venture agreement with Sunrise Senior Living.

Under the terms of the agreement, CNL Healthcare Trust owns about 55% of the joint venture. Sunrise will continue to operate the communities under a long-term management agreement.

“There are many solid types of assets in senior housing, however our focus is on assisted living and memory care,” Sharon Yester, chief asset management officer for CNL Financial Group, tells GlobeSt.com. “The markets for this type of asset are very strong for the future and Sunrise does a great job of caring for seniors within those kinds of communities.”

The seven communities, with an average age of less than five years, represent a total of 687 living units. Specifically, that includes 374 assisted living units, 184 memory-care units, and 129 independent living units.

The acquisition includes 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, 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.

In the past six months, CNL Healthcare Trust has acquired interests in senior living communities valued at more than $310 million, which are found in nine states and the District of Columbia. The company acquired five communities for $84.1 million in February.

“We are not experiencing any issues in finding assets that fit our investment strategy at this time,” Yester says. “We have legacy relationships that are working well for us and have other opportunities that are coming to us with frequency. Our current pipeline of opportunities is excellent.”