TOLEDO, Ohio, July 31, 2019 /PRNewswire/ -- Welltower Inc. (WELL) today announced that is has acquired five purpose-built, private pay seniors housing properties recently developed and managed by Sunrise Senior Living. Welltower previously funded 34% of the development cost for the communities through its joint venture and ownership of Sunrise Senior Living. The five communities were opened in 2017 and 2018, and upon acquisition had an occupancy of 67%. The communities are located in dense infill locations within the Washington, D.C., San Francisco and San Diego metropolitan areas and are leasing up rapidly. Two communities are eight and nine story mid-rise buildings in the affluent Washington D.C. submarkets of Chevy Chase and Bethesda. The remaining three communities represent the latest in Sunrise's mansion prototype and are the product of multi-year entitlement periods. Welltower's investment in the properties is $285 million. Sunrise will continue to manage the communities under an incentive-based management contract.
"Welltower's purchase of these five newly developed communities in prized locations further solidifies our standing as the largest owner of premier seniors housing properties in the United States," said Welltower Chairman and CEO, Thomas J. DeRosa. "The acquisition of these assets further enhances our already high quality Sunrise portfolio and reinforces our commitment to this best-in-class operator."
"These state-of-the-art senior living communities are the result of our more than 35 years of expertise in identifying and developing on the best sites for bringing our world-class brand and top quality care to more seniors," said Sunrise CEO Chris Winkle. "We are pleased to have the opportunity to collaborate further with Welltower on these five outstanding communities, expanding our relationship that now spans over 180 communities in the United States, United Kingdom, and Canada."
Welltower Inc. (WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust (REIT), owns interests in properties concentrated in major, high growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing, post-acute communities and outpatient medical properties. For more information, visit www.welltower.com.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company employs approximately 32,000 people. As of June 1, 2019, Sunrise operated 327 communities in the United States, Canada and the United Kingdom, including 21 Gracewell Healthcare communities, with a total unit capacity of approximately 29,300. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services. In 2018, Sunrise became the first senior living company to be ranked "Highest in Customer Satisfaction among Senior Living Communities" by J.D. Power. For J.D. Power award information, visit jdpower.com. To learn more about Sunrise, please visit SunriseSeniorLiving.com.
This press release may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the Company's actual results to differ materially from the Company's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to, those factors discussed in the Company's reports filed from time to time with the SEC. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
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