(To read more on the multifamily market, click here.)
MCLEAN, VA-Sunrise Senior Living Inc. entered a limitedpartnership agreement with New York City-based MetLife for thedevelopment of as many as 10 new senior living properties. As partof the transaction, Sunrise sold one property that is presentlyunder construction to the joint venture. Work on the remaining ninecommunities is on target to begin later this year or in 2006.
Sunrise will manage the 10 communities, which will accommodate900 residents. According to a Statistical Brief of the US CensusBureau, the most significant growth of the country's elderlypopulation, those aged 65 and over, will occur "between 2010 and2030. That is when the "'baby boom' generation enters their elderlyyears; during that period, the number of elderly will grow by anaverage of 2.8% annually."
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