Sunrise Senior Living's Robust Growth Continues with Addition of 13 Senior Living Communities

Rhea-AI Summary

Sunrise Senior Living has announced the addition of 13 senior living communities to its North American portfolio. This expansion includes two premium assisted living and memory care communities in Chicago, eight independent living communities in the Rocky Mountain area, with three more expected soon, and new developments in California and Vancouver. Sunrise's growth is attributed to new and expanded partnerships and a proven operating platform. The company plans to open its first premium community in Miami by the end of 2024. CEO Jack R. Callison, Jr. emphasizes the company's scalable platform and strong market demand.

Positive

• Added 13 senior living communities to the North American portfolio.
• Expanded into high-performing markets in Chicago and the Rocky Mountain area.
• New developments in California and Vancouver with additional communities opening soon.
• First premium community slated for Miami by the end of 2024.

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• None.

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Sunrise continues to leverage its highly scalable operating platform to capture market share and bring highly personalized lifestyle, wellness, and care services to North America's aging population.

MCLEAN, Va., July 8, 2024 /PRNewswire/ -- Sunrise Senior Living, a pioneer in personalized senior living services for the last 40 years, 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 the Company's 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 the Company's 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 the Company's 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.  The Company'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.

For more information about Sunrise Senior Living, visit sunriseseniorliving.com.

About Sunrise Senior Living  
Founded in 1981, Sunrise Senior Living is credited with establishing the modern era of senior living. Each Sunrise community is dedicated to delivering a personalized approach to senior living where every aspect of the services and environment is built around the specific wants and needs of the individual seniors that call the community home. From purposefully created and thoughtful design, to engaging programming and lifestyle activities and best-in-class quality of care that evolves with the needs of each senior, Sunrise's industry-leading innovation is built upon its mission to champion quality of life for all seniors. Celebrating 40 years, Sunrise operates more than 240 communities in the United States and Canada serving more than 20,000 residents. With more than 20,000 highly trained team members, Sunrise offers a full range of personalized services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of dementia, as well as nursing and rehabilitative services.

Contact: Heather Hunter, 870-230-9500, heather.hunter@sunriseseniorliving.com

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SOURCE Sunrise Senior Living

FAQ

What recent expansion did Sunrise Senior Living announce?

Sunrise Senior Living announced the addition of 13 senior living communities to its North American portfolio.

When did Sunrise Senior Living announce its recent expansion?

Sunrise Senior Living announced its recent expansion on July 8, 2024.

Which markets did Sunrise Senior Living expand into with its new communities?

Sunrise Senior Living expanded into the Chicago suburbs, the Rocky Mountain area, California, and Vancouver.

What is the significance of Sunrise Senior Living's new Miami community?

The new Miami community, Sunrise of Coral Gables, will be the company's first premium segment assisted living and memory care community in the area, expected to open by the end of 2024.

How many independent living communities did Sunrise acquire in the Rocky Mountain area?

Sunrise Senior Living acquired eight independent living communities in the Rocky Mountain area, with three more expected to close soon.