Sunrise Senior Living To Contribute Interests Into New Joint Venture

Last week, Sunrise Senior Living (NYSE:SRZ) disclosed in a SEC filing that one of its wholly owned subsidiaries entered into a joint venture for the purchase of 29 senior living facilities valued at $630 million.  When the transaction is complete, Sunrise will own 40% of the JV.  Sunrise currently owns 10% of the current joint venture where balance of the assets are held by US Assisted Living Facilities III, Inc.  Sunrise will contribute its interests into a new joint venture and fund up to $4 million in capital improvements in the communities and will have revised operating agreements to manage the communities.

The transaction is expected to close in early January 2011. 

Click here for the full 8-K


** Correction from previous entry.  CNL Lifestyle Properties is not a part of US Assisted Living Facilities III Inc