January 4, 2018
Toledo, OH-based Welltower Inc. is acquiring a portfolio of four rental continuing care retirement communities from McLean, VA-based Sunrise Senior Living for $368 million. The communities are concentrated in the Washington D.C., Miami and Charlottesville MSAs.
The communities offer a full continuum of care including independent living, assisted living, memory care and post-acute care. The portfolio is currently managed by Sunrise under triple-net leases.
Welltower will transition the communities to a RIDEA structure to deliver next generation care. Welltower has closed on one of the communities with the remaining three to follow in Q1 2018. This investment is projected to generate a nominal year one cap rate of 7%.
For comments, questions or concerns, please contact Dennis Kaiser