Karrington Health Inc. opens new assisted living residence; announces development venture for up to 22 additional residences.
This 67 unit assisted living residence is the company's seventh unit to open, and marked Karrington's entry into the Pittsburgh market. A second site is under development in the Pittsburgh suburb of Monroeville with two additional Pittsburgh area units in the planning stage. Karrington operates assisted living residences in Ohio and Pennsylvania, and has eight (8) residences under construction in Indiana, New Mexico, Colorado, and Ohio. Over the next three quarters construction starts are scheduled for seventeen (17) additional residences in Michigan, Ohio, Pennsylvania, North Carolina, and Indiana.
Karrington Health Inc. also disclosed the formation of new development ventures which will expand the company's presence in additional major markets: Northern California, the New York State and Connecticut region, the Chicago area, and Denver. Karrington will own and operate these residences and provide development oversight and support, with these ventures responsible for development and construction.
The San Francisco-based venture with Evergreen Pacific Corp. plans four new Karrington prototype residences to be developed in the next two years. Retirement Living Services, an established retirement community developer based in Hartford, Conn. will support Karrington's development in New York State and Connecticut where the company plans six new residences by the end of 1998.
Karrington Of Park Ridge will be a majority-owned joint venture with Venterra Corp. in this upscale Chicago suburb. The 110 unit $15 million assisted living residence should begin construction in late 1996, and will include an alliance with a large Chicago acute care provider. This venture expects to develop up to eight (8) new Karrington Residences in the Chicago area which has strong demand for the company's products and services.
Four additional Karrington residence projects are underway in Colorado through Karrington's longstanding relationship with Catholic Health Initiatives (CHI). CHI is a $4 billion revenue national healthcare system with headquarters in Denver. The Colorado expansion increases to ten (10) the number of residences under development with CHI. Two residences will open in Albuquerque, N.M. in October 1996.
"These development opportunities will further expand Karrington's national presence in the assisted living industry," said Rick Slager, CEO and president of Karrington Health Inc. "These alliances are with well established regional companies with strong development expertise and reputations for quality that will leverage off of Karrington's development and management resources."
Karrington Health Inc. is a Columbus-based company which develops, owns and operates licensed assisted living residences for elderly or frail individuals who need assistance with one or more activities of daily living. The company is a leader in the assisted living movement and provides a broad range of consulting and support services to health care providers in the long term care industry.
CONTACT: Karrington Health Inc., Columbus
Alan Satterwhite, 614/451-5151
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|Date:||Aug 15, 1996|
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