CNL Lifestyle plans to sell Sun City Senior Living, 37 others in $790M deal
By Margie Manning
Tampa Bay Business Journal
Published: Dec 26, 2014

Senior Housing Properties Trust is buying a 38-property portfolio that includes Sun City Senior Living in Sun City Center. Senior Housing Properties will pay the seller, CNL Lifestyle Properties Inc., $790 million for the portfolio, a press release said.

The 38 communities have 3,466 total living units, including independent living, assisted living, memory care and skilled nursing beds. The 38 communities combined were approximately 93 percent occupied in November.

Sun City Senior Living, with 113 residential units, was acquired by CNL Lifestyle, an Orlando-based real estate investment trust, in December 2013, for $20.3 million, according to a filing with the U.S. Securities and Exchange Commission.

Senior Housing Properties (NYSE: SNH), a Newton, Mass.-based REIT, owns independent living and assisted living communities, continuing care retirement communities, nursing homes, wellness centers and medical office, clinic and biotech laboratory buildings located throughout the United States. Its existing Tampa Bay area properties include Harbour Island Athletic Club and Stratford Court of Palm Harbor, according to its website. The deal with CNL Lifestyle Properties is expected to close in the second quarter of 2015.

Margie Manning is Print Editor of the Tampa Bay Business Journal. She also covers the Money beat.