ARV Assisted Living Signs Agreement To Sell Interests In Apartment Group To Dominium Acquisitions.COSTA MESA, Calif.--(BUSINESS WIRE)--Aug. 21, 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 AMEX See: American Stock Exchange :SRS SRS, SRS-A see slow-reacting substance. ) Friday announced the signing of an agreement with Dominium DOMINIUM, empire, domain. It is of three kinds: 1, Directum dominium, or usufructuary dominion; dominium utile, as between landlord and tenant; or, 2. It is to full property, and simple property. Acquisitions LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for the sale of the company's partnership interests in 11 low-income tax credit apartment communities. As part of the company's strategy to exit non-core businesses, ARV ARV abbr. Bible American Revised Version ARV n abbr (= American Revised Version) → traducción americana de la Biblia ARV n abbr (= disclosed its intentions to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose its low-income tax credit apartment operations and recorded a charge against earnings at the end of 1997. More than 1,100 multifamily apartment units, or about half of ARV's Apartment Group, are involved in the sale to Dominium. Commented Howard G. Phanstiel, chairman and chief executive officer, "We are pleased to have progressed a step closer toward our goal of focusing management resources and capital exclusively on assets and activities related to the operation and expansion of our assisted living business." ARV anticipates the final closing for each partnership transaction with Dominium to occur by the end of the year. The sale is subject to certain conditions, including but not limited to obtaining consents of the co-general partners, limited partners and lenders, and the termination and/or assignment of certain third-party financing arrangements. There can be no assurance that any or all of the partnership transactions will be completed. Additional risks concerning the company's Apartment Group are detailed in the company's Form 10-K filed with the Securities and Exchange Commission for the fiscal period ended Dec. 31, 1997. Based in Plymouth, Minn., Dominium Acquisitions is a nationwide developer and manager of rental housing units. Founded in 1980, ARV entered the low-income tax credit apartment business in 1992. Today the company is one of the nation's largest operators of assisted living communities, operating 63 communities containing approximately 7,900 units in 11 states. The company owns or leases 56 communities with more than 7,000 units, and manages 7 with nearly 900 units. The company also has 9 properties in various stages of development. ARV entered into a strategic relationship in the second quarter of 1998 with NovaCare for the provision of rehabilitation therapy services, which currently are being offered to residents in 35 ARV communities. CONTACT: ARV Assisted Living, Costa Mesa Suzanne C. Shirley, 714/751-7400 |
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