Acquisition makes Sunrise a major CCRC player
Sunrise Senior Living Inc. joined the ranks of the largest continuing care retirement communities in the United States after completing a $580 million acquisition of The Fountains, an Arizona-based owner of senior living communities.
Sunrise will manage 18 senior living communities with revenues of approximately $165 million and capacity for more than 4,500 residents. The aggregate purchase price for this transaction was approximately $483 million plus $15 million in transaction costs. It also includes the assumption of approximately $82 million in refundable entrance fee obligations.
So far this year, the company added 22% to its overall senior living resident capacity. With the new acquisition, Sunrise now operates 420 communities in the United States, Canada, Germany and the United Kingdom with a combined capacity for more than 52,000 residents.