Ventas buys 16 Sunrise senior living communities for $362M

Medical real estate company Ventas Inc. said Monday that it is buying 16 private pay senior living communities for $362 million.

The communities are operated by Sunrise Senior Living Inc., which owns a 20 percent stake in the joint venture that runs the facilities. Sunrise, which is based in McLean, Va., will get $28 million from the sale and it will continue to manage the communities. Those contracts last another 18 to 27 years.

Ventas said the communities have a total of 1,274 units. It said the deal should close during the second quarter and will add to its funds of operations immediately.

Shares of Ventas rose 48 cents to $56.79 in midday trading, while Sunrise Senior Living shares gained 46 cents, or 7.8 percent, to $6.36.