Senior Housing Partners I LP now owns the nine properties -- located in northern Virginia, Pennsylvania and New Jersey -- while Sunrise's management services division will continue to operate the communities under long-term management agreements. Sunrise will also retain a 25% interest in the real estate venture.
Sunrise officials say they expect to recognize income from the transaction in the first quarter of 2001 and the subsequent three quarters. Including this transaction, Sunrise has closed the sale of 22 properties for approximately $314.1 million over the last 12 months. Company officials intend to continue selling 15 to 20 properties a year.
"This transaction demonstrates our sale/long-term manage back plan and puts us well on our way to achieving our financial targets for 2001 and beyond," explains Paul Klaassen, Sunrise chairman and CEO.
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