AUGUST 29, 2013

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CNL buys senior portfolio for $457 million

by Andrea Waitrovich

CNL Healthcare Properties has bought a portfolio of 21 senior housing communities in five states throughout the Pacific Northwest for an aggregate purchase price of approximately $457.3 million, according to a filing with the Securities and Exchange Commission.

The portfolio, Pacific Northwest Senior Communities, consist of 2,186 residential units, comprising 664 independent living units, 1,366 assisted living units and 156 memory care units. The properties are operated by Mountain West Retirement Corp.

The largest properties are Bonaventure of Billings Senior Living Community, a 210-unit property in Billings, Mont., with a sales price of $48.3 million, and Bonaventure Place Retirement and Assisted Living Community, a 206-unit property in Boise, Idaho, with a sales price of $40 million.

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