— 221-unit facility located near Indianapolis —
(ORLANDO, Fla.) July 1, 2013 — CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has acquired The Stratford Continuing Care Retirement Community, a 221-unit, Class A senior housing community in Carmel, Ind., for $22 million.
The community will continue to be managed by Maxwell Group Inc., which currently manages properties in North Carolina, South Carolina, Georgia, Florida and Indiana.
“The Stratford is an outstanding addition to our portfolio and its location in one of the most affluent suburbs of Indianapolis provides us with a top asset in a very strong market,” said Kevin R. Maddron, senior managing director of CNL Financial Group. “We are pleased with the performance of the continuing care retirement community asset which we currently own. This acquisition allows us the opportunity to add another continuing care retirement community to the fund and cultivate a relationship with a strong operating partner.”
The Stratford contains a diverse mix of independent, assisted living, memory care and skilled nursing care units. Built in 2009, the property is located in the Village of WestClay, an upscale development approximately 15 miles north of Indianapolis. The Stratford features a pool, fitness room, main and private dining rooms, a library, theater, billiard room, beauty salon, an Internet café and an underground parking garage.
“We look forward to working with CNL Lifestyle Properties and continuing to provide quality care to residents at The Stratford,” said Donald Thompson, CEO of Maxwell Group, Inc. “Our goal is to promote healthy aging and active living through an award-winning wellness program and high-quality amenities.”
CNL Lifestyle Properties has acquired 62 senior housing properties with a total value of more than $1.1 billion since its first acquisition in the sector in January 2011.
About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 176 properties in the United States and Canada in the lifestyle sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas, senior housing and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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