SOURCE: Life Care Services LLC

October 24, 2007 13:30 ET

Life Care Services (LCS) Launches Construction of Sagewood, $283 Million Senior Living Community in Phoenix, Three Months Ahead of Schedule

PHOENIX, AZ--(Marketwire - October 24, 2007) - Three months ahead of schedule, Sagewood (www.SagewoodLCS.com) has officially broken ground and continues to report strong advance sales as the senior living community being developed by industry leader Life Care Services LLC (LCS) begins construction.

Sagewood's phase I-A, which features casitas, villas, lofts and apartment homes ranging from 760 to 2,350 square feet, is 90 percent sold with pre-construction sales of 181 homes since January 2007. Phase I-B (113 homes) was recently released for sales.

Aided by the strong sales numbers, Sagewood celebrated its groundbreaking this past week.

"The challenges of aging will impact us all. Facilities like Sagewood will play an increasing role, and provide new opportunities for families throughout our community," said Phoenix Mayor Phil Gordon in his letter of greeting, which was read at the groundbreaking event attended by more than 200 future residents. "I have always said that Phoenix is a city with a heart and soul. Thanks to the hard work and unyielding dedication of so many, this senior living community will be an important amenity for us all."

Sagewood is a LifeCare™ community, which combines resort-like, maintenance-free residential living with unlimited access to on-site assisted living, memory and skilled nursing care.

"Our goal with Sagewood is to develop a senior living community in Phoenix where every detail has been designed with comfort and convenience in mind," said Kent Larson, senior vice president, LCS Development. "Sagewood combines world-class architecture and design with a menu of available activities tailored to the resident's individual interests in a setting of natural beauty and charm."

Located near the intersections of Mayo and Tatum boulevards in northeast Phoenix, the community touts signature LCS programs which focus on fitness, nutrition and promote overall well-being, including: The LifeSTYLE Promise™, HealthyLife™ Services and Preferred Choice Dining™.

A model apartment is available for viewing at the Sagewood Information Center located at 20860 N. Tatum Blvd., Suite 260, Phoenix. For more information, visit www.SagewoodLCS.com.

About Life Care Services LLC

For nearly four decades, Life Care Services LLC has been a leader in the senior living industry. A fully integrated developer, marketer and manager of senior living communities, LCS serves more than 23,000 residents daily at 81 communities nationwide. The company operates five businesses focusing on Development, Operational Management, Home Health Care, Group Purchasing, and Ancillary Services. LCS is a privately held, employee-owned corporation based in Des Moines, Iowa. For more information, visit www.LCSnet.com.

About the other companies driving Sagewood

LCS-Westminster Partnership IV, LLP, owns Sagewood and offers solid financial skills, sound business planning and responsible management. The general contractor for the development, the Weitz Company, is recognized as the nation's leader in construction of senior housing communities. Weitz has built 175 senior housing communities in 30 states and has operated in the Phoenix market since 1978. The architectural design team Todd & Associates, Inc., is based in Phoenix and has provided award-winning senior housing design services in the Southwest for 25 years. Based in Austin, Texas, Studio Six5 is a nationally recognized interior design team specializing in senior living communities.

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