This sale is part of a larger transaction in whichAEW/Metropolitan is purchasing 11 assisted living facilities fromSunrise. AEW, headquartered in Boston MA, reportedly manages $5.9Bin capital—invested in $9.7B of real estate assets. The first phaseof the sale included 8 properties and $111 million, the secondphase adds 3 more properties and brings the entire purchase to $155million.

"Sunrise will retain a 25% interest in the venture, and itsSunrise Management Services Division will continue to operate thecommunities under long-term management agreements," says Charles A.Post, senior vice president of corporate strategy and capitalmarkets for Sunrise. Proceeds from the Metropolitan transactionwill be used by Sunrise for general corporate purposes, includingdevelopment of future properties.

McLean VA-based Sunrise operates 160 assisted care homes in 25US states and the United Kingdom, with total resident capacity ofmore than 12,700. Of those, 101 properties are 100% owned bySunrise. Sunrise has opened 34 new facilities over the last 12months and expects to buy another 11-14 properties during thefourth quarter 2000. The company's plan is to sell 20 facilitiesper year while continuing their operation under long-termagreements. As existing Sunrise homes are sold, it intends toreplace them with a like number of new projects. "Development ofnew Sunrise properties continues to be the Company's main driver ofgrowth and our development pipeline remains strong," said SunrisePresident, Tom Newel.