Sunrise Senior Living Real Estate Investment Trust has acquired an 80% interest in 24 additional assisted living communities in 12 states.
The Toronto-based REIT paid about $420 million to an institutional investor in the deal. The McLean, VA-based Sunrise Senior Living Inc., will continue to own the remaining 20% interest and will continue to manage the communities.
The REIT now owns 48 senior-living facilities in the U.S. and Canada. Sunrise Senior Living Inc. operates more than 400 communities in the U.S., Canada, Germany and United Kingdom.