A Florida company will acquire the controlling interest in seven of Sunrise Senior Living’s communities, including Sunrise at Siegen and Sunrise of Metairie, under a newly formed $226 million joint venture.
CNL Healthcare Trust will own 55 percent of the joint venture, which will own seven senior housing properties with 687 units.
Sunrise now owns the properties, but the deal is expected to close with 60 days, according to Orlando-based CNL. Sunrise will continue to manage the properties under a long-term management agreement.
The other properties consist of 129 independent living units, 374 assisted living units and 184 units for Alzheimer’s patients.
The other properties are Sunrise of Santa Monica, Calif; Sunrise on Connecticut Avenue in Washington, D.C.; Sunrise of Gilbert, Ariz.; Sunrise of Louisville in Louisville, Ky.; and Sunrise at Fountain Square in Lombard, Ill., near Chicago.