(To read more on the multifamily market, click here.)

MCLEAN, VA-Sunrise Senior Living Inc. entered a limited partnership agreement with New York City-based MetLife for the development of as many as 10 new senior living properties. As part of the transaction, Sunrise sold one property that is presently under construction to the joint venture. Work on the remaining nine communities is on target to begin later this year or in 2006.

Sunrise will manage the 10 communities, which will accommodate 900 residents. According to a Statistical Brief of the US Census Bureau, the most significant growth of the country’s elderly population, those aged 65 and over, will occur “between 2010 and 2030. That is when the “‘baby boom’ generation enters their elderly years; during that period, the number of elderly will grow by an average of 2.8% annually.”

Sunrise currently operates 424 senior communtiies in the US, Canada, Germany and UK. The company has an additional 36 properties that are currently under construciton.

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