MCLEAN, VA-In an arrangement that could be valued at up to $52.5 million, Sunrise Senior Living Inc. has committed to acquiring Irving, TX-headquartered senior housing management and development company Greystone Communities Inc. and certain associated units. As a result of the definitive agreement Sunrise will take on Greystone’s 14 Continuing Care Retirement Communities contracts, contracts for 17 communities currently in the works, as well as other consulting and marketing agreements. The 14 existing contracts involve properties in Alabama, Arizona, Florida, Hawaii, Indiana, Nevada, New York, West Virginia and Texas.

Twenty-three-year-old Greystone’s purchase price–which will be met by Sunrise through its cash holdings and funds from a corporate credit facility–will be about $45 million, plus $7.5 million in annual performance rewards through 2007, for an estimated possible total of $52.5 million.

“This acquisition will further establish Sunrise as a leading CCRC operator,” says Sunrise chairman and CEO Paul Klaassen. “Greystone is a first-class organization and its presence as a leader in the large and growing not-for-profit CCRC business allows Sunrise to immediately expand into that sector, which should enhance our future growth.”

There will not be an actual exchange of any real estate properties involved in the deal. When all is said and done with the transaction, Greystone will exist as a division of Sunrise under the direction of existing Greystone management.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.