CNL Buying Horizon Bay Portfolio

CNL Retirement Properties, an Orlando, Fla.-based private real estate investment trust, is acquiring a portfolio of 20 properties from Horizon Bay Senior Communities, Tampa, Fla., for approximately $562 million.CNL said the properties are located in Alabama, Arizona, California, Florida, Illinois, Rhode Island, and Texas, and have a total of approximately 3,600 units. The REIT said the acquisition will expand its portfolio to 139 properties in 29 states and give it an entry into the Arizona and Rhode Island markets. The properties will continue to be managed by Horizon under long-term agreements.