CHICAGO-Locally-based Ventas Inc. will acquire the minor interest in 58 senior living communities from its partner Sunrise Senior Living Inc. Ventas, which was already the majority owner of the properties, will provide $186 million, including $145 million in mortgage debt, for the purchase.

McLean, VA-based Sunrise’s minority interests to be acquired by Ventas represent between 15% and 25% ownership interest in the communities. Sunrise will continue to manage the properties, as well as another 21 properties owned by Ventas. The two companies reached an agreement, with Ventas not exercising performance-based termination rights, and Sunrise reducing its management fee to 3.5% for 2010 and 3.75% for 2011.

Mark Ordan, Sunrise CEO, said the agreement sets new performance, operating and reporting thresholds. “If met, (the thresholds) will enable us to manage these assets for many years, and avoids the previously announced Ventas performance termination rights on a significant number of assets. In addition, selling our joint venture interest to Ventas brings Sunrise additional funds to improve our balance sheet and provides a foundation for careful growth,” he said in a statement.

Ventas has invested capital in the assets through the years, said Raymond Lewis, EVP and CIO for the company – and it has paid off. “In the third quarter, we have seen occupancy continue to increase and remain above 89% in the stabilized portfolio,” Lewis said.