CNL Healthcare Properties (Orlando) has completed the acquisition of a portfolio of seven senior housing communities in Texas and one in Illinois. The properties were acquired from South Bay Partners Ltd. (Dallas).
Additionally, CNL Healthcare Properties has formed a joint venture with South Bay Partners to develop a $38.2 million independent living community in Katy, Texas. South Bay will manage the community upon completion.
The properties acquired from South Bay Partners include: Watercrest at Mansfield, an independent living community and Isle at Watercrest – Mansfield, an assisted living and memory care facility both in Mansfield, Texas; Watercrest at Bryan, an independent living community and Isle at Watercrest – Bryan, an assisted living and skilled nursing facility both in Bryan, Texas; Isle at Cedar Ridge, an assisted living and skilled nursing facility in Cedar Park, Texas; Legacy Ranch Alzheimer’s Special Care Center, a memory care community in Midland, Texas; The Springs Alzheimer’s Special Care Center, a memory care facility in San Angelo, Texas; and HarborChase of Plainfield, an assisted living and memory care community in Plainfield, Ill.
JEA Senior Living will manage Isle at Watercrest – Bryan, Isle at Cedar Ridge, Legacy Ranch and The Springs. Harbor Retirement Associates will manage HarborChase at Plainfield. Integrated Senior Living will manage Isle at Watercrest – Mansfield and Watercrest at Bryan. Watercrest at Mansfield will be managed by an affiliate of South Bay Partners.
