Continuing an expansion phase, Sunrise Senior Living, McLean, Va., entered joint-venture agreements for four new assisted-living communities in the U.S., three in the U.K. and one in Germany. The company will own 20% of a new community in California in partnership with the California Public Employees' Retirement System and AEW Capital Management. Sunrise will own 35% of two new communities in Massachusetts and one in New Jersey in a joint venture with GEM Investors. Construction began on the four communities in the third quarter. The communities abroad will be built in partnership with Pramerica Real Estate Investors, a Prudential Financial unit, and are expected to open in late 2005 or early 2006. Sunrise operates 376 senior-living communities in North America and Europe; it has 28 new communities under construction. It will have 26 joint-venture communities with CalPERS after the latest deal. -- by Joseph Mantone
Senior-living joint ventures keep up firm's growth
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