Retirement News : Seniors : 16 Seniors Facilities Fetch $136M

16 Seniors Facilities Fetch $136M

Date Added: 28-04-2005

PORTLAND, OR-Locally headquartered Encore Senior Living LLC has sold 16 facilities to CNL Retirement Properties of Orlando for $136 million. The properties are located in five states and comprise 1,395 living units, according to CNL.

As part of the deal, privately held Encore has leased back all the facilities. None of the parties have released any detail with regard to the leaseback agreement, such as term and rate, and could not be reached Tuesday afternoon for comment.

The buyer and seller also did not detail which of Encore’s 35 senior living communities in seven states were part of the transaction, though CNL officials did publicly make a point of saying it is the company’s first entry into the Oregon market. Encore has two properties in the state, both in the city. One is an Alzheimer’s facility at 1808 SE 182nd Ave. and the other is a independent/assisted facility at 1400 NE 2nd Ave.

In addition to the two Oregon properties, Encore owns 12 properties in Wisconsin, 11 in Florida, four properties in California, four in Arizona, one in Utah and one in Oklahoma. The sale of 16 of those properties to CNL frees up cash for Encore, which will immediately begin expanding five of its Alzheimer specialty care facilities, Encore CEO Peter Muhlbach said in a prepared statement. Three additional locations will expand in early 2006, he says.

Related to CNL Financial Group, CNL Retirement Properties owns a portfolio of 244 properties in 33 states in the seniors' housing and medical office building sectors. It specializes in the acquisition of independent and assisted living communities, continuing care retirement communities and medical office facilities.

For More Information: http://www.globest.com/news/272_272/portland/133590-1.html