West Living, LLC announced the acquisition of McDowell Village, a 197-unit independent living community in Scottsdale, Arizona and Castle Hill Retirement Village, a 146-unit independent and assisted living community in Thousand Oaks, California. The all-cash transactions mark the entry of West Living into the ownership of senior living operating properties. The Company is currently developing two communities in Carlsbad and La Quinta, California, both slated to open in late 2012.
“The addition of McDowell Village and Castle Hill to our development pipeline promotes our strategy to create a portfolio of senior living communities and establish West Living as a significant regional player in an industry with strong fundamentals and opportunities for growth,” said John Rimbach, President of West Living. The Company has partnered with Seattle based Leisure Care to manage the day-to-day operations and activities at both communities.
Developed by Phoenix based Opus West Corporation in 2006, McDowell Village was initially successful in lease-up as a senior apartment community without any assisted living services. However, as occupancy reached a plateau at 70%, it was apparent that a majority of residents moving out were in need of a higher level of care. In connection with the acquisition, West Living is converting 40 of the units at McDowell Village to assisted living care and has completed the Arizona Department of Health Services licensing process. "We believe that integrated levels of care and support services provide for the resident-focused operation in our communities" said John Rimbach. McDowell Village’s predominance in the market benefits from the adjacent 37,500 square foot Granite Reef Senior Center, a City of Scottsdale funded senior center built in 2006 with a LEED Gold certification for its environmental impact.
Castle Hill Retirement Village features 146 units comprised of 48 units in eight garden-style apartment buildings and 98 assisted living and independent apartments in the main building. The community is situated on a sprawling 6.5 acre tree-lined campus in the beautiful Los Angeles suburb of Thousand Oaks and West Living also purchased an adjacent 1.8 acre parcel that provides expansion possibilities.
