— Communities in Montana and Oregon strengthen the company’s senior housing portfolio —
(ORLANDO, Fla.) Aug. 22, 2013 — CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has acquired Bozeman Lodge and Pioneer Village, two independent and assisted living senior housing communities, for approximately $45.85 million.
The two communities will be operated by an affiliate of Radiant Senior Living, Inc., a healthcare-focused management firm operating senior housing communities, ranging from independent living to skilled nursing. Radiant Senior Living, Inc. currently operates 13 communities throughout Oregon and Washington, including Bozeman Lodge and Pioneer Village.
“Bozeman Lodge and Pioneer Village are both stabilized, newer assets which we believe are strong additions to our senior housing portfolio,” said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. “These acquisitions provide us with the opportunity to cultivate a new relationship with an experienced operator, and we are excited to partner with Radiant Senior Living.”
Bozeman Lodge, located in Bozeman, Mont., is a 131-unit senior housing community containing 107 independent and assisted living apartment units and 24 independent living duplex-style cottages. Built in 2008, the senior housing community was 94 percent occupied as of June 30, 2013. The apartment units are licensed as “Level A” assisted living units in Montana, which allows them to house both independent and assisted living residents.
Pioneer Village, a 99-unit senior housing community located in Jacksonville, Ore., features two main buildings, comprised of 37 independent living apartments and 51 assisted living apartments. Eleven retirement cottages with attached garages are also located on the Pioneer Village property. The community was built in 2005 and was 95 percent occupied as of June 30, 2013. Resident amenities include a bistro, billiard room, fitness room and library.
“We look forward to working with CNL Lifestyle Properties and continuing to provide quality care for Bozeman Lodge and Pioneer Village residents,” said James Guffee, president and CEO of Radiant Senior Living, Inc. “CNL Lifestyle Properties has a developed a reputation in the senior housing sector for being a strong and knowledgeable owner, and we know they are the right partner to help us grow our communities.”
About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 138 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 $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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