ARV Assisted Living Enters Into Agreement in Principle to Acquire Interests in 13 Senior Housing Communities in California.COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(BUSINESS WIRE)--Feb. 12, 1998--ARV Assisted Living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. , Inc. (Amex:SRS SRS, SRS-A see slow-reacting substance. ) announced today it has entered into a non-binding agreement in principle to purchase interests in 13 senior housing communities containing approximately 1,900 units, located in California, for $88.0 million. The communities, which complement ARV's geographic clusters in Southern and Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern , are expected to be purchased from Burlingame, California-based Hillsdale Group, L.P., an investment of Fremont Realty Capital, L.L.C. Following the closing of the transaction, which further consolidates ARV's position as California's largest assisted living provider, the company would operate 43 communities containing 5,300 units in California. On a national basis, ARV ARV abbr. Bible American Revised Version ARV n abbr (= American Revised Version) → traducción americana de la Biblia ARV n abbr (= will have 63 operating communities containing 8,300 units located in 10 states. "Our strategic plan calls for the acquisition of communities that complement our existing geographic clusters or that create new clusters," said Howard G. Phanstiel, Chairman and Chief Executive Officer of ARV Assisted Living, Inc. "This acquisition will allow us to proceed with our major strategic goals and significantly increase our market position in California, the nation's most populous state." The forward-looking statements contained in this news release are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risk that a binding contract will not be entered into and the inability to satisfy licensure requirements for acquired facilities. Closing of this transaction will be subject to, among other things, the consent of third parties and real estate and licensing due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . ARV Assisted Living, Inc. was founded in 1980. The company is one of the nation's leading providers of assisted living as well as California's leading provider. ARV currently operates 50 communities containing about 6,400 units in 10 states. It has four communities containing 510 units under construction in California, Florida, Massachusetts and Nevada. CONTACT: ARV Assisted Living, Inc. Mitch Gellman, 714/435/4322 Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. investor.relations@arvi.com |
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