Sunrise Assisted Living Sells Eastside Property, 10 More to AEW

BELLEVUE, WA-Sunrise Assisted Living Inc. has sold its downtown Sunrise Bellevue property to Metropolitan Senior Housing LLC. The 78-room assisted living facility at 15928 NE Eighth St. sold for $10.19 million. Metropolitan is a real estate venture company formed by AEW Capital Management LP on behalf of its investment client.

This sale is part of a larger transaction in which AEW/Metropolitan is purchasing 11 assisted living facilities from Sunrise. AEW, headquartered in Boston MA, reportedly manages $5.9B in capital—invested in $9.7B of real estate assets. The first phase of the sale included 8 properties and $111 million, the second phase adds 3 more properties and brings the entire purchase to $155 million.