Sunrise pays $28M for 3 area retirement communities
Silicon Valley / San Jose Business Journal
Sunrise Senior Living Inc. said Monday it signed an agreement to acquire the operating assets of three Bay Area continuing care retirement communities for about $28 million.
The communities include Palo Alto-based Webster House, which is located about a mile from Stanford University; The Carlisle, a high-rise on Cathedral Hill in San Francisco; and The Stratford, located across from Central Park in San Mateo.
McLean, Va.-based Sunrise (NYSE:SRZ) said the three the sellers are Raiser Resources LLC and Raiser Senior Services LLC.
The three communities are 100 percent private pay.
The transaction is expected to close within 45 days, and the cost includes $26 million in cash plus an estimated $2 million in transaction and transition costs. Excluding one-time transaction and transition expenses, Sunrise estimates that the transaction will be break-even in 2006 and accretive thereafter.
With the addition of these three new communities, Sunrise now manages 17 senior living communities in the Bay Area including two in San Francisco, two in San Mateo, two in Belmont, two in Palo Alto, two in Santa Rosa, and one each in Sunnyvale, Cupertino, San Jose, Oakland Hills, Danville, Walnut Creek and Petaluma.
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