Continuing Care Retirement Community to Open in Greater Los Angeles

Fountainview at Eisenberg Village, a new continuing care retirement community in Reseda, Calif., will open its doors for charter members beginning Monday, Feb. 15. The development, a member of the family of services offered by the Los Angeles Jewish Home, consists of 108 one- and two-bedroom apartments.

Fountainview is designed to provide active, healthy living options for independent seniors. “When we broke ground on Fountainview in December 2007, we did so with the purpose of meeting the changing housing needs for independent seniors in Los Angeles,” says Molly Forrest, president and CEO of the Jewish Home.

Amenities at Fountainview include a creative arts studio, fitness center, fine dining, spa salon, business/computer center, theater auditorium, library and coffee bar. The seniors housing community also includes an events center, with easy access to cultural offerings around Los Angeles.

As one of the first new urban continuing care retirement communities to open in over a decade, and the fastest selling in the history of California, Fountainview was completed both on time and on budget, according to Forrest.

Founded in 1912, the world-renowned Los Angeles Jewish Home is one of the foremost multi-level seniors living communities in the United States and the largest single-source provider of seniors housing in Los Angeles. The Jewish Home serves more than 1,700 seniors.

Brookdale’s Buying Binge Continues

Brookdale Senior Living (NYSE: BKD) has acquired three retirement communities previously managed by the company for $102 million. The Nashville-based owner and operator had previously owned a minority, though non-financial, interest in the communities.

The company disclosed neither the seller or sellers nor the locations of the three facilities. The deal, which closed in December, comes on the heels of Brookdale’s acquisition of 18 communities from affiliates of Sunrise Senior Living (NYSE:SRZ) for $190 million in November.

The three newly acquired seniors housing communities include 642 total units, 506 of which are independent living and 136 assisted living. For the nine months ended Sept. 30, 2009, the three communities generated total revenues of approximately $18.1 million.

The newly acquired properties posted a 92.1% average occupancy rate in the third quarter of 2009.

The company financed the transaction by obtaining a $75.4 million mortgage loan from Fannie Mae, with the balance of the purchase price paid in cash. The 10-year mortgage carries a 6.1% fixed interest rate.

Brookdale owns and operates 565 independent-living, assisted-living and dementia-care communities in 35 states. The properties are a combination of independent living, assisted living, dementia-care communities and continuing care retirement communities.

The price of Brookdale stock closed on Friday, Jan. 22 at $16.66 per share, up from $5.76 a year earlier.

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