"Large, top-tier financial institutions have purchased 47 of our prototype communities within the last three years, and our program of selling 15 to 20 buildings a year is clearly being executed as we had projected," Sunrise chairman and CEO Paul Klaassen says. "This transaction brings the total number of properties Sunrise has sold under this program in 2002 to 14."
In the second quarter of last year, a similar transaction was executed when CalPERS purchased 80% interest in seven Sunrise properties. The deal marked CalPERS's entrée into the assisted living community market.
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