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