Sunrise is pleased to announce it has successfully added 13 senior living communities to its growing North American portfolio, which continues to serve three distinct consumer segments: luxury, premium, and middle market.
Additional strategic community additions are expected to be announced throughout the third quarter of 2024. 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 our excellent track record of strong operating performance.
In recent weeks, Sunrise has assumed operations of the following portfolios:
- A new joint venture ownership interest where Sunrise leveraged its strong balance sheet and simultaneously assumed management of two, high-quality communities in the dense suburbs of Chicago that expands our core premium assisted living and memory care services in an existing, high-performing market.
- A managed portfolio currently comprising eight independent living communities providing valuable services at an affordable price point in the greater Rocky Mountain area, with three additional communities anticipated to close in the coming weeks.
Additionally, Sunrise continues to grow its ground-up development pipeline, most recently opening brand new lease-up communities in highly protected submarkets across Northern and Southern California: Sunrise of Cupertino and Sunrise of Oceanside, respectively. Two additional communities, Sunrise of Killarney and Sunrise at Lonsdale Square, are slated to open in Vancouver, British Columbia, Canada this summer. Looking ahead, Sunrise anticipates unveiling our first premium segment assisted living and memory care community in the greater Miami, Florida area, Sunrise of Coral Gables, by the end of 2024.
"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 Jack R. Callison, Jr., chief executive officer for Sunrise. "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."
Sunrise's growing North American portfolio of communities is supported by a fully integrated, diverse team of subject matter experts in core functions that include design, development & construction, asset management, real estate acquisitions, capital markets, financial performance & data analytics, human resources, and strategic marketing. Sunrise’s investment in people, process, and information technology facilitates access to a differentiated and proven approach, offering owners a highly scalable and reliable operating platform that adapts to individual community demands across North America's most desirable senior living sub-markets.