Sunrise Senior Living has assumed the operation of 13 communities and expected to assume the operation of more communities in the third quarter, the McLean, VA-based company announced Monday.
Founded in 1981, Sunrise operates more than 240 communities in the United States and Canada, offering independent living, assisted living, memory care and nursing and rehabilitative services at luxury, premium and middle-market levels.
“This robust growth stems from both establishing new strategic owner relationships seeking long-term, programmatic growth with Sunrise, as well as incremental growth with existing partners with interest to expand their relationship given the company;s excellent track record of strong operating performance,” the company said in a statement.
In the recent transactions, Sunrise assumed management of two assisted living and memory care communities in the Chicago area through a new joint venture ownership interest. Additionally, the company assumed the operation of a portfolio of eight independent living communities in the Rocky Mountains, “providing valuable services at an affordable price point,” according to Sunrise. In relation to the latter transaction, the company said it expects to close on three additional communities in the coming weeks.
“With an industry-leading, highly scalable operating platform, a proven track record of compelling value creation for our owners, and incredibly robust consumer demand for our distinctive, personalized senior living offering, Sunrise is in significant growth mode backed by the confidence of both new and existing investors to manage, acquire and develop senior living communities across the luxury, premium and middle-market segments,” said CEO Jack R. Callison Jr.
Sunrise also continues to expand its ground-up development pipeline, the operator said, most recently opening two new lease-up communities in California. The company anticipates opening its first premium segment assisted living and memory care community in the greater Miami area later this year.
“Our approach to gain a deep understanding of each submarket we operate in, combined with the unique needs of the various consumer segments we serve, allows us to customize specific offerings to cultivate interest in diverse consumer-facing products, all backed by the strong, dynamic support of Sunrise’s team of senior living and hospitality experts,” Callison said.
