CNL Healthcare Properties II to Acquire 89-Unit Community in Florida Panhandle

PENSACOLA, Fla. — CNL Healthcare Properties II Inc., a non-traded REIT, has agreed to acquire its first seniors housing property, Summer Vista Assisted Living Community in the Florida Panhandle city of Pensacola. The price was not disclosed.

Summer Vista Assisted Living LLC and Hardcourt Development No. 2 sold the property, which includes 67 assisted living units and 22 memory care units. The two-story building is located on 3.5 acres. CNL expects to complete the acquisition during the second quarter of 2017.

SRI Management LLC, which has managed the community since its opening in early 2016, will continue to operate Summer Vista under a five-year management agreement with CNL. This is the third partnership between CNL and SRI, which has a total operational portfolio of 15 communities in Florida and Louisiana.

Orlando-based CNL Financial Group founded CNL Healthcare Properties II to invest in seniors housing, medical office, acute care and post-acute care properties.

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