CNL Affiliates Seek to Invest in Metro Atlanta Senior Housing
By Georgiana Mihaila,Associate Editor
Two different branches of CNL Financial Group have shown interest in senior housing development in the Atlanta metro area.
CNL Healthcare Trust will invest $21 million in the development of Dogwood Forest of Acworth, a senior housing community planned for Acworth, Ga., about 30 miles northwest of Atlanta. Solomon Senior Living Holdings, LLC has been selected as developer, while Solomon’s affiliated management company—Trinity Lifestyles Management—will manage the community under a long-term agreement with CNL Healthcare Trust.
Dogwood Forest of Acworth, CNL Healthcare’s second senior housing development project, will be a three-story building totaling nearly 85,000 square feet. The 92-unit community will contain 46 assisted living units and 46 memory care units.
Twenty-two of the 46 memory care units will be designated for residents in the earlier stages of Alzheimer’s disease, with the remaining 24 units serving residents requiring specialized memory care. The senior housing community will feature a bistro, barber/salon and media room, along with a dining room, common area living room and sitting areas located throughout the facility.
CNL Lifestyle Properties has also added an Atlanta-area senior housing community to its portfolio, as the REIT has acquired Laurel Creek Manor in Cumming, Ga. for $7.5 million. This property will also be added to the Dogwood Forest family of four senior living properties acquired by CNL Lifestyle Properties in the Atlanta area in May and will be renamed Dogwood Forest of Cumming.
Laurel Creek Manor is a “needs-based” community with a total of 48 units, including 36 assisted living units and 12 memory care units. As of Oct. 31, the community was 100 percent occupied. Opened in 2009, the senior housing community is approximately 35 miles northeast of downtown Atlanta.
The community will also be managed by Trinity Lifestyles Management, which manages four other senior living facilities owned by CNL Lifestyle Properties in the Atlanta area. In May, the company purchased these communities, which are located in Alpharetta, Ga., Stockbridge, Ga., Fayetteville, Ga., and Gainesville, Ga., for $79.8 million.
Image: Laurel Creek Manor