Another well-known name in senior living now is linked to a high-profile community being developed in one of the nation’s most populous markets.
Welltower Inc. (NYSE: HCN) has tapped Sunrise Senior Living to be the operator of the real estate investment trust’s (REIT) community being developed in midtown Manhattan.
The project involves a 125,000-square-foot, 15-story building aimed at addressing the need for more assisted living and memory care services in the private-pay market, and is being completed in collaboration with international real estate firm Hines. Monthly rents are expected to top $20,000 at the community, which is slated to open in late 2019, according to Bloomberg News.
“We believe Sunrise is an ideal partner for us to work with to revolutionize the concept of senior living and meet the needs of the underserved aging population on the island of Manhattan,” Welltower CEO Thomas DeRosa said in a news release. “Leveraging Sunrise’s world-class memory care programming and services, this new community will distinctively benefit those with Alzheimer’s and other forms of dementia, including residents in the early stages of memory loss. Further, Sunrise’s approach to care will help ensure all residents receive highly individualized service.”
Sunrise currently has approximately 30 communities serving residents throughout the New York City metro area. Welltower’s portfolio currently includes 72 seniors housing communities in the New York Tri-State area.
Written by Kourtney Liepelt