Alternative Living Services to acquire additional residences in upstate New York.BROOKFIELD, Wis.--(BUSINESS WIRE)--June 19, 1997--Alternative Living Services (AMEX-ALI), one of the nation's largest and most experienced operators of 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. residences for the frail elderly frail elderly, n.pl older persons (usually over the age of 75 years) who are afflicted with physical or mental disabilities that may interfere with the ability to independently perform activities of daily living. and the country's largest operator of free standing residences for individual's with Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. , and a development partner have jointly purchased two properties in the Syracuse market for $7.6 million. The two residences have a combined capacity of 159 residents. The Company expects to close on the purchase about June 30, 1997. "This is an outstanding acquisition for our company," stated Bill Lasky, President and Chief Executive Officer of Alternative Living Services. "We expect these two residences to generate approximately $3 million in revenues annually. This acquisition," Lasky stated, "accelerates our growth in the upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. market and will bring our Company's assisted living residences in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of state to seven with a capacity of 576 residents by the end of this current quarter." According to Lasky, Alternative Living Services currently has scheduled to open an additional two Clare Bridge residences, which serve individuals with Alzheimer's disease, in 1997 and another three in 1998. Both acquired residences will operate within the Company's Crossings product line, one of four distinct residence product lines which include: the Clare Bridge residence for individuals with Alzheimer's disease and other dementia, the Wynwood residence for the frail elderly, the WovenHearts residence to serve the frail elderly in smaller communities and the Crossings residence, an apartment style residence. ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. currently operates 88 residences in 14 states including Wisconsin, Michigan, Minnesota, Florida, Pennsylvania, Arizona, Oregon, Colorado, California, Washington, Idaho, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , New York and New Jersey. Residences are under construction and development in many of its existing markets as well as in Delaware and South Carolina. CONTACT: Alternative Living Services Gary Kastel, 800/236-3454 |
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