Dallas-Based Sonida Senior Living To Acquire CNL Healthcare Properties In $1.8 Billion Merger

Sonida Senior Living Inc., a leading owner and operator of senior housing, has entered into a definitive agreement to acquire CNL Healthcare Properties (CHP), a non-traded public REIT, in a transaction valued at approximately $1.8 billion.

Following the merger, the combined company will rank as the eighth-largest senior living owner in the United States, with an enterprise value of $3 billion and a portfolio of 153 independent living, assisted living, and memory care communities.

Under the terms of the agreement, Dallas-based Sonida will acquire 100% of CHP in a cash-and-stock transaction. The deal is expected to close in the first or second quarter of 2026, pending customary closing conditions. Both companies’ boards of directors have unanimously approved the merger.

Financing for the acquisition will be provided through a combination of cash contributions from Conversant Capital and Silk Partners — Sonida’s two largest shareholders — as well as debt financing arranged by RBC Capital Markets and BMO Capital Markets.

Currently, Sonida operates or manages 97 senior housing communities, including 84 owned properties, serving approximately 10,250 residents. CHP’s portfolio includes 69 senior housing communities with 7,535 units across 26 states.

Source: REBusiness Online