Sonida Senior Living to Acquire CHP in $1.8 Billion Mixed Deal
The combination creates a $3.3 billion pure-play senior housing platform and the eighth-largest owner of U.S. senior living assets.
Sonida Senior Living (SNDA) agreed to acquire CNL Healthcare Properties, Inc. (CHP) in a mixed stock-and-cash transaction valued at approximately $1.8 billion. The consideration consists of $2.32 in cash per share plus a number of newly issued Sonida common shares determined by an exchange ratio.
Under the terms of the deal, 68% of the total consideration will be paid in Sonida stock and 32% in cash. The transaction is expected to close in late in the first quarter or early in the second quarter of 2026, subject to shareholder votes from both Sonida and CHP as well as customary closing conditions.
Sonida said the acquisition would create a $3.3 billion pure-play senior housing company and the eighth-largest owner of U.S. senior living assets by number of units. The combined portfolio would encompass roughly 14,700 owned units, clustered around key regional markets in the South and Southeast.
The company projected the deal would be immediately accretive to normalized funds from operations per share, estimating 62% accretion on a run-rate basis for 2026. Sonida expects annual corporate synergies of $16 million to $20 million, with additional upside from operating cost synergies and economies of scale in regional management structures. The accretion estimate assumes realization of $18 million in corporate synergies at the midpoint of the projected range.
CHP is a non-traded real estate investment trust focused on senior housing assets. Sonida characterized the target's portfolio as high-quality, upscale senior housing communities positioned to benefit from favorable sector fundamentals and a rapidly growing population aged 80 and older. The company said the combination would enhance its balance sheet, improve free cash flow conversion, and increase equity market capitalization and access to capital.
The deal follows a string of smaller acquisitions Sonida completed in 2025, including communities in Tampa, Atlanta, and Dallas–Fort Worth purchased at discounts to replacement cost. Those transactions deepened the company's regional densification strategy in the South and Southeast, a playbook the CHP acquisition extends on a far larger scale.