January 3, 2018, Lois Bowers, McKnight's Senior Living - Toledo, OH-based Welltower has agreed to pay $368 million to Newton, MA-based Senior Housing Properties Trust for four rental continuing care retirement communities managed by Sunrise Senior Living, the real estate investment trusts announced Tuesday.
The sale of one of the communities, in Arlington, VA, was completed in late December. Sales of the other three communities — in Boca Raton, FL; Silver Springs, MD; and Charlottesville, VA — are expected to be completed before March 31, the REITs said.
“These assets, located in top markets, represent both an enhancement to our Sunrise portfolio and a significant above-market return for our shareholders,” Welltower CEO Tom DeRosa said. The REIT said it has more than $6 billion of investments with McLean, VA-based Sunrise.
The communities — with a total of 1,179 living units/beds, excluding units owned by Sunrise as well as separately owned independent living condos — currently are managed under triple-net leases, but Welltower said it will be transitioning them to a RIDEA structure. Total rent for the 12 months ending Sept. 30 was about $14.8 million, SNH said.
SNH said it bought the communities ........ CLICK HERE TO READ MORE