Investcorp’s real estate group has completed the recapitalization of its two-property assisted living portfolio jointly developed with Virginia-based Sunrise Senior Living. Investcorp fully exited its investment in both properties with the recapitalization. Terms of the transaction were not disclosed.
The properties were developed following a joint venture formed in 2004 between Investcorp and Sunrise to develop and operate two senior living communities: the 57,874-square-foot, 79-unit Sunrise of Crestwood located in Yonkers, New York, and the 53,346-squre-foot, 73-unit Sunrise of Upper St. Clair in Upper St. Clair, Pennsylvania. The joint venture completed construction of the properties in late 2005 with the properties achieving full occupancy a year later. The properties range from studio to one- and two-bedroom apartments.
“Both properties are extremely well situated within their respective submarkets and today enjoy high occupancy levels and good operating cash flow,” Peter Petron, principal with Investcorp’s real estate group, said in a statement. “Having achieved our stated objectives together with Sunrise, now is a natural time for us to work with them on a recapitalization of this portfolio.”
Investcorp’s real estate group, based in New York and Los Angeles, currently has more than $4 billion (€2.7 billion) of property assets under management.