ORLANDO, FLA. —CNL Healthcare Properties, an investment offering focused on senior and healthcare real estate, has acquired The Terrace at Jasper, a 62-unit senior housing community in Jasper, Ala. for $7.3 million.
An affiliate of Harbor Retirement Associates, LLC (HRA) will manage the property under a long-term agreement, with plans to rebrand the property as HarborChase of Jasper and implement new marketing and operating strategies. This is the second time CNL Healthcare Properties has partnered with HRA; in 2012, the two began the development of HarborChase of Villages Crossing, a senior housing community in Lady Lake, Fla. Construction is expected to be completed in December.
“We are pleased to add HarborChase of Jasper to our portfolio as we continue to seek new opportunities to expand and diversify our investment in senior housing,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “This acquisition extends our important relationship with HRA and we are confident that its management efforts will build on the existing strengths of this community for its residents.”
HarborChase of Jasper contains 15 independent living, 35 assisted living, and 12 memory care units. As the largest of four assisted living communities in its county, HarborChase of Jasper is the only property in the market licensed to provide memory care services to its residents. The community features 24-hour staffing, a heated swimming pool, complimentary meal and transportation services, and a beauty shop.
“We look forward to growing our relationship with CNL Healthcare Properties through this partnership,” said Tim Smick, president and CEO for HRA. “Our goal is to maintain the community’s excellent reputation in the market, while implementing a new brand that emphasizes the property’s high standard in senior care and service.”
CNL Healthcare Properties, Inc., is an investment offering that focuses on acquiring properties in the senior housing and healthcare sectors, both stabilized and development, as well as other income-producing properties, real-estate related securities and loans. Beginning with the year ended December 31, 2012, the company intends to be taxed as a real estate investment trust. CNL FinancialGroup, LLC is the sponsor of CNL Healthcare Properties. For more information, visit www.CNLHealthcareProperties.com.
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 $29 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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