TEXAS - Orlando-based CNL Healthcare Properties has acquired seven senior housing communities in Texas and one in Illinois from developer South Bay Partners, Ltd., for $187.2 million.
It is also expanding through a ninth community that will be developed through a joint venture between CNL and South Bay Partners.
The Texas facilities include:
• Watercrest at Mansfield — Mansfield
• Isle at Watercrest — Mansfield
• Watercrest at Bryan — Bryan
• Watercrest — Bryan
• Isle at Cedar Ridge — Cedar Ridge
• Legacy Ranch Alzheimer’s Special Care Center — Midland
• The Springs Alzheimer’s Special Care Center — San Angelo
CNL will also develop a $38.2 million independent living community in Katy through a joint venture with South Bay Partners. Through the acquisitions and development, the REIT is investing a total of $225 million in the sector.
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