Sunrise-managed facilities switch hands in $643 million deal
The transaction, valued at $643.5 million, includes facilities in 12 states, with the bulk of them located in New York, Illinois and California. Sunrise will continue to manage all 29 properties and will retain a 10% interest in the facilities, according to a statement from REIT. The deal is subject to a 45-day review, and all parties involved expect to finalize the arrangements in the fourth quarter of 2008.
In a joint statement, Sunrise CEO Paul Klaasen and REIT CEO George Chapman applauded the new partnership. Chapman said the purchase will suitably compliment his company's already immense portfolio. The 29 facilities contain 2,082 units and have an average occupancy of 94%.