CNL Retirement Group Pays Marriott $59M for Five Senior Housing Communities

ORLANDO-CNL Retirement Group, a subsidiary of locally based CNL Financial Group Inc., has acquired five senior housing communities from Marriott International Inc. in four states totaling 504 units for $59 million or $117,063 per unit.

The acquisitions grow CNL’s $5.1 billion portfolio to 3,000 properties in 50 states and clearly mark the company as one of the largest privately held real estate investment and finance firms in the United States, according to GlobeSt.com research.

The deal also marks the beginning of a formal partnership between CNL and Marriott, according to a prepared statement from Phillip M. Anderson Jr., CNL Retirement Group chief operating officer.

Marriott will continue to operate the five communities under long-term management contracts with Harbor Retirement Associates of Vero Beach, FL which is leasing the properties for CNL.

The properties are Brighton Gardens of Camarillo, CA, 161 units, opened June 12, 2000, 82% leased; MapleRidge of Laguna Creek, CA, 84 units, opened Sept. 22, 1999, 96% leased; Brighton Gardens of Towson, MD, 91 units, opened June 1, 2000, 74% leased; MapleRidge of Clayton, OH, 84 units, opened March 7, 2000, 66% leased; and MapleRidge of Dartmouth, MA, 84 units, opened Nov. 15, 1999, 72% leased.

CNL’s Anderson says the company plans to further increase its portfolio shortly.