Following up on Five Star Quality Care‘s (NYSE: FVE) sale of seven of its 33 owned senior living communities for $112.4 million, the company put some of those funds to work in acquiring a 163-unit senior living community in Vestavia Hills, Alabama. Built in 1994 with an addition in 1997, the community has 90 independent living, 49 assisted living and 24 memory care units. The seller, CNL Lifestyle Properties, bought the property in January 2014 for $18.5 million, or $113,500 per unit, and then leased it back to an affiliate of Solomon Senior Living and Trinity Lifestyles Management. But Five Star will take over operations, in addition to changing the community’s name to Morningside of Vestavia Hills.
Two year turnover for CNL
