[IMGCAP(2)]Investcorp and Sunrise formed their joint venture in June 2004 to develop and operate two senior living communities for approximately $35 million. The two properties included: Sunrise of Crestwood in Yonkers; and Sunrise of Upper St. Clair, in Upper St. Clair, PA. The deal marked the first JV partnership between Investcorp and Sunrise Senior Living as GlobeSt.com previously reported.
[IMGCAP(3)]Investcorp entered the opportunity in 2004 with a business plan to develop the two properties successfully and bring them to a stabilized operating level, according to Peter Petron, principal of Investcorp's Real Estate group. "Having achieved our stated objectives together with Sunrise, now is a natural time for us to work with them on a recapitalization of this portfolio. We look forward to future development and investment opportunities with Sunrise in the assisted living sector."
The JV partners broke ground on the two properties shortly after acquisition. The construction of the properties was completed in late 2005. The properties achieved full occupancy in late 2006 and early 2007 and today offer residents a full range of assisted living services in state-of-the-art facilities.
"Our development joint venture with Sunrise is a good example of Investcorp's ability to team up with best-in-class operating partners and to invest across a broad spectrum of asset classes to create value for Investcorp and our investors," says Petron in a prepared statement. "Both properties are extremely well situated within their respective submarkets and today enjoy high occupancy levels and good operating cash flow."
Sunrise of Crestwood is a 79-unit senior living community located immediately northeast of New York City. Sunrise of Upper St. Clair is a 73-unit assisted living community located in suburban Pittsburgh. Both properties feature studio, one-bedroom and two bedroom apartments, and are located conveniently near major state throughways with easy access to surrounding suburbs and major metropolitan areas.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
