The company put $17 million in Fox Run, an Erickson community underdevelopment in Novi, MI. This transaction follows a $17.3 millioninvestment in Brooksby, another Erickson campus located in Peabody, MA.
"Part of our long-term strategic program is to enhance our relationship withErickson," said Thomas J. Hutchison III, president of CNL. "They have provento be a successful partner for us and we are currently exploring otherinvestment opportunities with them in the second and third quarters of thisyear."
Upon its completion, Fox Run will be the largest retirement community in thestate of Michigan. Brooksby, also undergoing development, recently openedthe second piece of its fifth residential building this spring. Combined,both Fox Run and Brooksby have more than 150,000 people age 65 or olderliving within a 10-mile radius of them.
CNL Retirement Properties, Inc., a real estate investment trust, isaffiliated with CNL Financial Group, Inc., and specializes in theacquisition of premium independent and assisted living communities andcontinuing care retirement communities.
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