The properties are the 80-unit, two-year-old Homewood Residences in Coconut Creek, FL, Broward County, 35 miles north of Downtown Miami, and the 178-unit, 13-story Holley Court Terrace in Chicago suburb Oak Park, Ill.
The purchase price equates to $108,527 per unit. American Retirement will continue to operate the two properties under a 15-year lease. The value of the lease wasn't disclosed.
In a prepared statement, CNL Retirement chief operating officer Phillip M. Anderson Jr. says his company plans additional acquisitions this year. GlobeSt.com couldn't reach Anderson at publication deadline to learn the number of beds, age of the properties and their occupancies which weren't disclosed.
Bill Sheriff, American Retirement's chairman/CEO, says in the same statement the deal "provides permanent financing for a premier congregate care community that we recently had reacquired and for a free-standing assisted living community that has an excellent market position." Sheriff didn't identify the properties.
American Retirement operates 66 senior living communities in 14 states with an aggregate capacity for 14,700 residents. The portfolio comprises 7,300 apartment units and homes; 2,300 assistant living apartments; 300 alzheimer apartments; and 1,000 nursing beds, according to the company's Web site.
CNL and American Retirement are traded on the New York Stock Exchange.
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