CNL Healthcare Properties II has signed an agreement with Summer Vista Assisted Living, and Hardcourt Development No. 2, LLC to purchase the newly-constructed Summer Vista Assisted Living Community in Pensacola, Florida. The facility rests on 3.5 acre site and consists of 67 assisted living units and 22 memory care units. The two-story community opened to residents in February 2016 and features a 24-hour emergency response system, on-site therapy, fitness center, and chauffeured transportation. SRI Management is expected to continue managing the facility. This would be the first investment for CNL Healthcare Properties II. Terms of the transaction were not disclosed.
“We are excited to further CNL’s deep investment history in the seniors housing space with our first investment in our newest healthcare fund,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties II. “Summer Vista Assisted Living Community is a brand new, high-quality community, and is a fitting first piece of a portfolio we expect to build in partnership with leading, regional operators like SRI Management.”
