SOURCE: West Living

West Living

January 21, 2010 12:45 ET

West Living Acquires Two Senior Living Communities in All-Cash Transactions

CARLSBAD, CA--(Marketwire - January 21, 2010) - West Living, LLC has acquired McDowell Village, a 197-unit independent living community in Scottsdale, Arizona and Castle Hill Retirement Village, a 146-unit independent and assisted living community in Thousand Oaks, California. The all-cash transactions mark the entry of West Living into the ownership of senior living operating properties. The Company is currently developing two communities in Carlsbad and La Quinta, California, both slated to open in 2013. West Living has partnered with Seattle-based Leisure Care to manage the day-to-day operations and activities at both communities.

Developed by Phoenix-based Opus West Corporation in 2006, McDowell Village was initially successful in lease-up as a senior apartment community without any assisted living services. However, as occupancy reached a plateau at 70%, it was apparent that a majority of residents moving out were in need of a higher level of care. In connection with the acquisition, West Living is converting 40 of the units at McDowell Village to assisted living care and has completed the Arizona Department of Health Services licensing process. "We believe that integrated levels of care and support services provide for the resident-focused operation in our communities," said John Rimbach, President of West Living.

Castle Hill Retirement Village features 146 units comprised of 48 units in eight garden-style apartment buildings and 98 assisted living and independent apartments in the main building. The community is situated on a sprawling 6.5 acre tree-lined campus in the beautiful Los Angeles suburb of Thousand Oaks. Also included in the transaction is an adjacent 1.8 acre parcel that provides expansion possibilities. According to Tom Lombardi, Director of Investments for West Living, "This acquisition highlights our ability to identify value, close quickly and with certainty, particularly in this period of limited financing. Our capital improvement plan will further enhance the experience in such a desirable and affluent Southern California market."

About Us

In 1986, Gary and Mary West founded West Corporation, one of the largest customer relationship management providers in the world with over 35,000 employees and $2.5 billion in annual revenue. The Company was sold to a consortium of private equity firms in 2006. As a result of their success, Gary and Mary created West Development, hospitality operating company, The Gary & Mary West Foundation to pursue their philanthropic interests in wireless health, care for seniors and education, and West Partners, a private equity and real estate investment firm. West Living, a portfolio company of West Partners, was formed in 2009 to develop and acquire senior living communities. Learn more online at www.westliving.net.

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