Health Care REIT to Acquire Sunrise Senior Living for $845M

by Adriana Pop, Associate Editor

Health Care REIT, Inc. has entered into a definitive agreement to acquire all of the outstanding common stock of Sunrise Senior Living, Inc., in an all cash transaction of approximately $845 million.

The acquisition positions Health Care REIT among the largest owners of seniors housing in the world with over 58,000 units located in the U.S., Canada, and the United Kingdom.

As part of the transaction, the Toledo, Ohio-based REIT will acquire Sunrise’s 20 wholly owned seniors housing communities in the U.S. (17) and Canada (3), and Sunrise’s interest in joint ventures that own 105 seniors housing communities in the U.S. (78) and the United Kingdom (27). Most of the centers target the higher end of the market and are concentrated in New York, Los Angeles, Chicago and London.

According to the Triangle Business Journal, McLean, Va.-based Sunrise Senior Living owns and operates four senior housing and assisted-living communities in the Triangle region:

• Sunrise of Raleigh at 4801 Edwards Mill Road;
• Brighton Gardens of Raleigh at 3101 Duraleigh Road;
• Sunrise at North Hill at 615 Spring Forest Road; and
• Sunrise of Cary at 1206 West Chatham St., in Cary.

The transaction is subject to regulatory approvals by Sunrise’s shareholders, and it is expected to close in the first half of 2013.

In other news, Thalhimer Realty Partners Inc., the investment and development subsidiary of Cushman & Wakefield/Thalhimer, has acquired Rock Creek Apartments in Carrboro for approximately $11 million.

CityBizList Charlotte Raleigh reports that the 188-unit multifamily property located at 100 Rock Haven Road was purchased from 100 Rock Haven LLC, an entity controlled by QVT Mount Auburn.

Rock Creek was built in 1986 and consists of one- and two-bedroom units averaging 820 square feet. Amenities include a leasing center, a clubhouse with fitness center, swimming pool and tennis court. The community is situated in close proximity to the University of North Carolina at Chapel Hill, and its resident base consists almost entirely of graduate school students.

Cushman & Wakefield/Thalhimer will manage the property, with Regional Manager Amanda Madden overseeing operations.

Photo credits: www.thalhimer.com