by admin

NEW YORK, LOS ANGELES AND CHICAGO — An affiliate of Arcapita has agreed to sell 29 senior-housing properties to Toledo, Ohio-based Health Care REIT for $643.5 million.

The properties, located mainly in the New York, Los Angeles and Chicago metropolitan areas, will be managed by McLean, Va.-based Sunrise Senior Living.

“These 29 Sunrise communities are in deep and attractive markets,” says Paul Klaassen, chief executive officer with Sunrise Senior Living. “Developing this strategic relationship with Health Care REIT will allow us to continue to operate these communities and create value for both companies.”

As of June, the properties had a total of 2,082 units and an average resident occupancy of 94 percent. The properties were built between 1993 and 2005, and include assisted living, Alzheimer’s care and independent living care.

Health Care REIT’s acquisition will be financed with approximately $365.4 million in cash, plus a 90 percent interest in the $309 million of existing debt held by the venture. Sunrise Senior Living will retain a 10 percent interest in the venture.

The transaction is expected to close fourth quarter 2008.

You may also like