Brookdale Living Communities, Inc. Adds West Hartford, Connecticut Senior And Assisted Living Facility And Enters Into Contract To Purchase New Mexico Facility
CHICAGO, July 13 /PRNewswire/ -- Brookdale Living Communities, Inc. (Nasdaq: BLCI), an owner, operator and manager of senior and assisted living facilities, announced that on July 2, 1998, the Company closed on the lease of The Chatfield, a 123-unit senior and assisted living community located in West Hartford, Conn., from an unaffiliated third party.
"We are particularly excited about adding The Chatfield to our portfolio, because we already operate the 176-unit Gables at Farmington facility, only five miles from The Chatfield," said Mark J. Schulte, president and chief executive officer of Brookdale. "This will allow us to achieve substantial economies of scale operating both properties, in this excellent market."
The Chatfield is a three story building on a 12.5-acre site in West Hartford, an upscale suburb of Hartford. In addition to studio, one- and two-bedroom apartments, The Chatfield has extensive common areas, including a dining room, library, activity room, multi-purpose room, billiard room, lounges and game rooms. The Chatfield is currently operated as an independent living facility, but Brookdale expects to obtain the required licensing to provide assisted living services at the facility.
The Company also announced that it has entered into a definitive purchase agreement for Ponce de Leon, a 148-unit senior and assisted living facility located in Santa Fe, N.M. The purchase price for the facility is $15.1 million. Ponce de Leon is a 3-story 127,700-square-foot building which consists of studio, one- and two-bedroom apartments as well as extensive and attractive common area amenities. The acquisition is contingent upon a number of factors typical for transactions of this type.
"The Ponce de Leon will add another attractive property to Brookdale's portfolio, and once the property is closed, will bring the total number of operating properties to 17 in eleven states," said Schulte. |
