CNL Buys 9 Senior Properties

CNL Retirement Properties, Orlando, Fla., is acquiring nine senior housing properties from Marriott Senior Living Services for $170 million in the second phase of a transaction valued at $259 million.CNL, a real estate investment trust, said the first phase was its recent purchase of 12 senior housing properties from MSLS for $89 million. The REIT is entering into long-term management agreements with McLean, Va.-based Sunrise Assisted Living, a provider of senior living services, to operate the 21 properties. In a separate transaction, Sunrise is acquiring MSLS from Marriott International for $89 million in cash and the assumption of $61 million of liabilities. This merger will move 17 Marriott-operated residences in CNL's portfolio to the Sunrise brand, the REIT said. CNL's total acquisition includes 3,368 units located in 13 states.