Forest City Completes Sale of Senior Living Community to Atria Senior Living

Forest City Enterprises, Inc. (NYSE: FCEA; FCEB) recently announced that it completed the sale of the Sterling Glen of Rye Brook supported-living community to Atria Senior Living Group. The sale, which closed January 30, 2009, is part of a larger transaction originally announced in July, 2007, under which Atria would acquire the majority of Forest City’s supported-living portfolio. The 168-unit Sterling Glen of Rye Brook facility is located in Rye Brook, NY, in southern Westchester County. The selling price was $70 million and the transaction generated $23 million in pre-tax proceeds.


Commenting on the closing, Charles A. Ratner, Forest City president and chief executive officer said, “We are pleased to close this sale in a very difficult market environment. Forest City has traditionally been an active seller of real estate from our portfolio as a means to recycle capital. In the current environment, selective sales or joint ventures are one part of our focused strategy to generate and preserve liquidity.”


For the full press release, click here.