Tri-National Development Corp. Announces Sale of Its Youngtown Alzheimer's Unit.Business Editors SAN DIEGO--(BUSINESS WIRE)--March 2, 2000 Tri-National Development Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:TNAV) announced today that through its majority owned subsidiary, Alpine Gardens East, Inc. ("AGE"), it has executed contracts and already opened escrow on the sale of the Alzheimer's and Dementia Care facility at its senior housing project, Youngtown Gardens, in Youngtown, Arizona Youngtown is a town in Maricopa County, Arizona, United States. According to 2006 Census Bureau estimates, the population of the town is 4,021.[1] Geography Youngtown is located at (33.594603, -112. . The facility was sold for $7,180,000 to Life Styles, Inc., a Delaware corporation, with Tri-National maintaining a 20% participation. The Alzheimer's and Dementia facility is comprised of 36 units with 56 beds and is part of the 126 unit Youngtown Gardens development. As previously announced, the remaining 90 units will be sold as investment condominiums and owner occupied senior housing at an average of $197,500 each. Morgan Stanley Dean Witter (NYSE NYSE See: New York Stock Exchange : MWD MWD Metropolitan Water District of Southern California MWD Measurement While Drilling (oil drilling) MWD Morgan Stanley Dean Witter (stock symbol) MWD Molecular Weight Distribution MWD Military Working Dog ) is the preferred lender for the individual mortgage financing. Life Styles, Inc. will operate the entire 126-unit facility, which will be overseen by Dr. Javaid Sheikh sheikh or shaykh Among Arabic-speaking tribes, especially Bedouin, the male head of the family, as well as of each successively larger social unit making up the tribal structure. The sheikh is generally assisted by an informal tribal council of male elders. , a world-renowned expert on geriatrics geriatrics (jĕrēă`trĭks), the branch of medicine concerned with conditions and diseases of the aged. Many disabilities in old age are caused by or related to the deterioration of the circulatory system (see arteriosclerosis), e.g. and currently Associate Professor of Psychiatry at Stanford University. "This sale represents one more successful piece of our strategy of developing prime residential, commercial, resort and senior-living properties, and either managing them for an ongoing cash flow, or selling them off for an attractive profit while still maintaining an ongoing participation," said Michael Sunstein, Tri-National's President. "We look forward to an accelerating stream of such announcements over the coming year." This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors. Tri-National Development Corp. is a multi-faceted international real estate sales, development and management company. INVESTORS & MEDIA PLEASE CALL: Lisa Lindberg or Dian Griesel at The Investor Relations Investor relations The process by which the corporation communicates with its investors. Group: 212.736.2650 |
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