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TOLEDO, OH-Bahrain-based Arcapita Inc. has sold its 90% stake in 29 senior housing properties to locally based Health Care REIT Inc. for about $643.5 million. The purchase is being financed with about $365.4 million in cash, plus a 90% interest in the $309 million of existing debt. Sunrise Senior Living Inc., which manages the properties, will retain a 10% interest.

The deal is subject to a 45-day review. Arcapita has owned its stake in the properties since 2003, through its Arcapita US Senior Living Yielding III fund.

The sites are located in 12 states, mostly in the suburbs of Los Angeles, New York and Chicago, such as the pictured Sunrise of Schaumburg in Schaumburg, IL. The buildings have a total 2,082 units, mostly a form of assisted living, and are about 94% occupied. Twenty-five of the 29 communities are Sunrise-developed mansions built between 1999 and 2003.

George Chapman, chairman and CEO of the REIT, said in a statement that the assets will complement his portfolio. “The addition of these properties will provide us an opportunity to enhance overall NOI growth by capturing facility-level operating income in a tax-efficient manner,” he said in the statement. Company officials did not return calls for comment, and Arcapita officials could not be reached.

The property-level NOI cap rate is projected at about 6.6%, based on 2009 forecasted results, and per unit valuation of $343,000 is estimated to be at or below replacement cost, according to the statement. Upon closing, the REIT expects its private pay mix across its entire portfolio of properties to exceed 70%.

Philip Martin and Matthew Thorp, analysts with Cantor Fitzgerald, said in a statement Wednesday that they view the acquisition as positive way to provide a growing cash flow stream. “We base this on (Sunrise’s) successful operating/senior care track record and locations in growth markets, where (Sunrise) has dominant presence. We think this, along with limited supply and increasing senior care demand, can continue to allow for above-average operating performance,” according to the statement.

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