Springdale Sale Nets $8.8 Million
by October 25, 2011 2:39 pm 79 views
A Springdale assisted-living center has a new owner after an $8.8 million deal.
Culpepper Place of Springdale was sold to CNL Lifestyle Properties Inc. of Orlando, Fla., an affiliate of CNL Financial Group Inc., a privately held real estate investment and development company.
The seller was Springfield, Mo.-based Foster Hospitality Group Inc., a regional senior housing developer and operator led by Bill Foster.
The transaction was part of a $47 million acquisition, according to a filing with the U.S. Securities and Exchange Commission. CNL acquired six Culpepper Communities, all affiliates of Foster Hospitality Group.
The properties will be operated and managed under an agreement between CNL and Foster with a term of five years.
Culpepper Place of Springdale, with 59 units housing 118 residents, opened in 2007 and appraised last year for $3.7 million. Culpepper Place of Fayetteville, which opened earlier this year on North Crossover Road, was not part of the acquisition.