IRVINE, CA – (March 13, 2006) Irvine, California-based MBK Senior Living, LLC announced today the acquisition of Huntington Terrace, a 151-unit senior living community located in Huntington Beach, Calif., for an undisclosed amount. Acquiring Huntington Terrace marks the latest stage in MBK Senior Living’s aggressive business plan, which involves the acquisition and development of high-quality senior living assets with multiple levels of care in high growth California markets.
“Huntington Terrace is a great example of the acquisition opportunities MBK Senior Living is targeting in California,” said Terry Howard, president of MBK Senior Living. “This is a community with a terrific reputation, in an irreplaceable location with strong demographics. Huntington Terrace is a great complement to our existing portfolio, and we look forward to continuing the exemplary level of service established by the previous ownership team.”
Huntington Terrace offers a combination of independent and assisted living in an enviable coastal location. The community consists of a three-story central building and three smaller casitas, situated on a four-acre campus that includes walking pathways to a waterfall, swimming pool, putting green, a community clubhouse with sundeck, and a gazebo. A full range of conveniences and amenities are available on site for residents, including elegant restaurant-style dining, a beautician and barber, a fitness room, and complimentary laundry facilities. Residences are available in a variety of studio, one-bedroom, and one-bedroom deluxe floorplans and feature weekly housekeeping, basic cable television, and the services of a full maintenance staff.
Those who choose to make Huntington Terrace their home can enjoy a wide variety of leisure activities designed to keep residents active and engaged in their community. Gathering spaces are plentiful at Huntington Terrace, including a grand parlor with piano and cozy fireplace, a community TV room, a library, and lounges designed for more intimate gatherings such as reading, card games, or just socializing. Located in the heart of Huntington Beach, Huntington Terrace is convenient to hospitals, medical offices, shopping, and dining opportunities.
“Since the revitalization of MBK’s Senior Living division in 2005, targeting assets in Orange County has been an essential aspect of our business plan,” said Howard. “It is exciting to gain our first foothold in Orange County with the acquisition of Huntington Terrace. As with all our MBK Senior Living communities, we plan to continue upgrading the physical plant to better meet the needs and preferences of today’s senior residents.”
MBK Senior Living has retained Renaissance Senior Living, an Irvine, California-based senior housing provider, to manage the acquisition. Renaissance is one of the leading operators of senior living in the Western United States, with properties in Arizona, California and Washington.
Company Background
MBK Senior Living, LLC is led by Terry Howard, President, and is owned by MBK Real Estate Ltd. The firm is active in the acquisition and development of high-quality senior living assets that include multiple levels of care, ranging from independent living and assisted living to Alzheimer’s care facilities. For more information about MBK Senior Living, please call Terry Howard at 949-789-8360, or visit their website at www.mbkseniorliving.com.
MBK Real Estate Ltd. is the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s multidisciplinary concerns span a wide spectrum of real estate development, including senior housing, homebuilding, and retail and development. MBK Real Estate Ltd. is headquartered in Irvine, CA, with regional offices in Burbank, CA, Portland, OR and Sacramento, CA. Corporate offices are located at 175 Technology Drive, Irvine, CA, 92618; phone 800-566-7100; or visit its website at www.mbk.com.
