Sunrise at Siegen in deal for new ownership
CNL Healthcare Trust has partnered with Sunrise Senior Living to own 55% of a $226 million joint venture in seven senior housing communities, including Sunrise at Siegen in Baton Rouge and Sunrise of Metairie. The other properties are located throughout the United States. This is CNL's second investment with the senior housing properties, reports GlobeSt.com on Monday. The transaction is expected to close within 60 days. Stephen Mauldin, president and chief executive officer of CNL Healthcare Trust, tells GlobeSt.com that the senior living facilities were attractive, in part, because they are high-quality communities, with an average age of less than five years, located in or near major cities. Moreover, he adds, the properties address the needs of an aging population in a residential setting, offering assistance with activities of daily living. To read more about the joint venture, click here.
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