August 2, 2019
Welltower Inc. acquired five purpose-built, private pay seniors housing properties recently developed and managed by Sunrise Senior Living in a deal valued at $285 million. The communities are located in dense infill locations within the San Francisco, San Diego and Washington, D.C. metropolitan areas.
Welltower’s Thomas J. DeRosa says, “Welltower’s purchase of these five newly-developed communities in prized locations further solidifies our standing as the largest owner of premier seniors housing properties in the United States. The acquisition of these assets further enhances our already high- quality Sunrise portfolio and reinforces our commitment to this best-in-class operator.”
Welltower previously funded 34% of the development cost for the communities through its joint venture and ownership of Sunrise Senior Living. The five communities were opened in 2017 and 2018, and upon acquisition had an occupancy of 67%.
Sunrise will continue to manage the communities under an incentive-based management contract.
*Pictured Sunrise of Pleasanton, CA
For comments, questions or concerns, please contact Dennis Kaiser