CNL Healthcare Properties

What CNL Healthcare Properties does

CNL Healthcare Properties, Inc. was a public non-traded real estate investment trust (REIT) headquartered in Orlando, Florida, that invested in private-pay senior housing communities across the United States. The company's portfolio at the time of acquisition comprised 69 communities spread across 26 states, covering independent living, assisted living, and memory care assets. As a non-traded REIT, CNL functioned as a passive capital vehicle: it acquired and held real estate, leased or partnered with operators, and distributed income to shareholders, rather than operating communities directly. The firm was established in 2013 and grew to an enterprise valuation of approximately $1.5 billion pre-merger.

On March 11, 2026, Sonida Senior Living completed its $1.8 billion stock-and-cash acquisition of CNL Healthcare Properties, with CHP shareholders receiving $7.22 per share. The transaction created a $3.3 billion pure-play senior housing owner-operator — the eighth-largest owner of U.S. senior living assets by unit count, with approximately 14,700 owned units across 153 communities. The combined entity is expected to derive rental, operating, and program-related revenue (including Sonida's Magnolia Trails memory care offering) from private-pay seniors across a national footprint.

Following the merger, CNL Healthcare Properties no longer operates as an independent entity; its portfolio is now operated within Sonida Senior Living's vertically integrated platform. The deal was positioned as immediately accretive, with stated 62% normalized FFO per share accretion on a run-rate basis, and received over 95% shareholder approval from both companies.

Name

CNL Healthcare Properties

Legal name

CNL Healthcare Properties, Inc.

Website

https://cnlhealthcareproperties.com

Company type

Private

Founded year

2013

Operating status

Acquired

Headcount range

251–500 employees

Short description

CNL Healthcare Properties was a public non-traded REIT that owned 69 private-pay senior housing communities across 26 U.S. states, covering independent living, assisted living, and memory care. Acquired by Sonida Senior Living in March 2026 for $1.8 billion.

Ownership category

akta.pro rank

Product category

Senior Housing Real Estate Investment (REIT)

NAICS

Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (62331), Continuing Care Retirement Communities (623311), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG)

akta.pro secondary industries

For-Profit / Investor-Owned CCRCs (HLADAEAD), REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Senior housing REIT
• Real estate investment
• Assisted living properties
• Memory care facilities
• Non-traded REIT

Headquarters

HQ city

Orlando

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Core offering

CNL Healthcare Properties was a public non-traded real estate investment trust (REIT) that owned and invested in senior housing properties, primarily independent living, assisted living, and memory care communities. The company operated as a passive real estate investment vehicle, owning a portfolio of approximately 69 communities across 26 states and leasing those properties to third-party operators rather than directly operating the communities itself. Following its March 2026 merger with Sonida Senior Living, the portfolio was integrated into Sonida's owner-operator platform.

Product overview

CNL Healthcare Properties was a public non-traded real estate investment trust (REIT) that invested in senior housing communities. The company operated as a passive real estate investment vehicle rather than an operator, owning portfolios of independent living, assisted living, and memory care properties across the United States. Following its $1.8 billion merger with Sonida Senior Living completed in March 2026, CNL Healthcare Properties' portfolio of approximately 69 communities across 26 states was integrated into Sonida Senior Living's operations. The combined entity became the eighth-largest owner of U.S. senior living assets with approximately 14,700 owned units across 153 communities.

Differentiator

Problem solved

Functional benefit

Products and services

• CNL Healthcare Properties Non-Traded REIT Common Stock Public non-traded REIT common stock providing investors with exposure to a diversified portfolio of senior housing properties leased to third-party operators across the United States. Targeted at individual investors and wealth managers seeking real estate allocation without exchange-listed volatility.
• Senior Housing Real Estate Portfolio (Independent Living, Assisted Living, and Memory Care Communities) Portfolio of 69 owned senior housing communities across 26 states, spanning independent living, assisted living, and memory care assets leased to third-party operators. The underlying asset base backing the REIT's investment product.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Sonida Senior LivingcoreStrategic or Co-development Partner · 11 March 2026CNL Healthcare Properties was acquired by Sonida Senior Living in a $1.8 billion stock-and-cash transaction, creating an approximately $3.3 billion pure-play senior housing owner-operator. The combined entity became the eighth-largest owner of U.S. senior living assets with approximately 14,700 units across 153 communities. The deal was expected to be immediately accretive with 62% normalized FFO per share accretion on a run-rate basis.

Scale indicators3 records

Recent moves3 records

Expansion highlights3 records

Broad incumbents

• Ventas: Major S&P 500 healthcare REIT with substantial senior housing exposure through its managed portfolio. Comparable to CNL in senior housing focus but far larger and more diversified across MOB, research, and life sciences.
• Welltower: Largest U.S. healthcare REIT with a major senior housing operating portfolio (through Welltower Operator Platform). Closest large-scale public comparable to CNL's senior housing strategy, though broader in scope (medical office, outpatient).
• Omega Healthcare Investors: Largest U.S. skilled nursing facility REIT. Comparable healthcare REIT structure but with virtually no senior housing exposure, making it a broader category peer.

Direct peers

• American Healthcare REIT: Diversified healthcare REIT with significant senior housing operating portfolio. Highly comparable to CNL as a non-traded heritage REIT that went public, with similar IL/AL/Memory Care mix.
• Diversified Healthcare Trust: Healthcare REIT with significant senior housing operating portfolio. Comparable non-traded heritage and SHOP focus to CNL, providing a close direct read on similar assets.
• LTC Properties: Healthcare REIT focused on assisted living, memory care, and skilled nursing. Comparable in size and senior housing focus to CNL's portfolio mix.
• Sabra Health Care REIT: Healthcare REIT focused on skilled nursing and senior housing. Comparable to CNL's triple-net healthcare real estate model, though heavier SNF weighting.
• National Health Investors: Healthcare REIT with senior housing and skilled nursing portfolio. Comparable net-lease healthcare REIT structure to CNL's passive landlord model.
• CareTrust REIT: Healthcare REIT primarily focused on skilled nursing and seniors housing. Similar passive real estate model and comparable mid-cap size to CNL at acquisition.

Emerging players

• Brookdale Senior Living: Largest U.S. senior living operator with a large owned real estate portfolio. Comparable because Brookdale's owned assets are similar in care-level mix to CNL's portfolio, though as an operator it competes with Sonida for the same residents.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/cnl-healthcare-properties-inc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CNL Healthcare Properties