Pensacola senior housing property sells for $21.4M

Pensacola senior housing property sells for $21.4M

Saturday, April 8, 2017

Summer Vista Assisted Living Community in Pensacola

An arm of Orlando-based CNL Financial Group acquired a new senior housing development in Pensacola for $21.4 million.

The 3.5-acre Pensacola property, which opened in February 2016, has 67 assisted living units and 22 memory care units.

The property, called Summer Vista Assisted Living Community, also features a 24-hour emergency response system and on-site therapy facilities, plus a bistro, beauty salon, fitness center, walking trail and chauffeured transportation service.

SRI Management, LLC, has managed Summer Vista since it opened last year and will continue to manage the property under a five-year agreement. SRI manages 15 other senior housing communities throughout Florida and Louisiana.

CNL Healthcare Properties II, the entity that bought Summer Vista, is a real estate investment trust formed by CNL Financial Group, a private investment management firm.

The acquisition of Summer Vista is the first investment by CNL Healthcare Properties.“It is exciting to begin executing on our strategic plan and thoughtfully deploy our shareholders’ capital in a dynamic healthcare real estate environment,” Stephen H. Mauldin, president and CEO of CNL Healthcare Properties II, said in a prepared statement.

Source: The Real Deal