A real estate investment trust headquartered in Newton, Massachusetts, is the new owner of two senior assisted living facilities in Springdale and Fayetteville for a combined purchase price of $31.28 million.
Senior Housing Properties Trust bought Culpepper Place developments in Springdale (672 Jones Road) for $12.09 million and in Fayetteville (4461 N. Crossover Road) for $19.19 million.
The 6.09-acre development in Fayetteville has 67 units and opened in 2011. The 4.52-acre Springdale property has 59 units and opened in 2007.
CNL Lifestyle Properties Inc., a REIT based in Orlando, Florida, was the seller.
ProLand Title in Little Rock was the closing agent.
The trust acquired the two properties as part of a portfolio sale by CNL Lifestyle that included 36 other assisted living facilities across... [ MORE ]