Sunrise Sells Two Assisted Living Properties for $30M

MCLEAN, VA-An 80% interest in two of Sunrise Assisted Living Inc.’s more than 200 properties has been sold to the California Public Employees’ Retirement System in a $29.7 million transaction. The deal includes Sunrise’s long-term manage back of the two facilities, which are located in states not being named by the company. Sunrise continues to own 20% interest in the properties and will stay on as manager.

“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.”