MCLEAN, VA-In what will be an $85 million transaction Sunrise Senior Living REIT, established by McLean, VA-headquartered Sunrise Senior Living as an institutional partner, has committed to acquiring four senior housing communities. The one-year-old REIT will take over ownership of the Sunrise Senior Living-managed properties in Columbia and Rockville, MD, the San Francisco suburb of San Mateo, CA, and the Boston suburb of Norwood, MA.
Sunrise REIT is based in Toronto with a US headquarters office next door to Sunrise Senior Living in McLean, VA. All of the properties were developed in the mid- to late-1990s by Sunrise Senior Living.
"The acquisitions are right down the middle of the road for us," Sunrise REIT president and CEO Douglas MacLatchy tells GlobeSt.com. "They are well-leased cash-flowing properties." As for the REIT's location preference for purchases, MacLatchy explains, "We have a very close alliance with Sunrise Senior Living so we are targeting all major markets that they are in. We have representation in just about every one." Sunrise Senior Living will continue to serve as manager of the communities under Sunrise REIT's ownership.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
