IRVINE, CA – (July 19, 2005) Irvine, California-based MBK Senior Living, LLC announced today the acquisition of Sterling Senior Communities, a 153-unit (178-bed) senior living community located in Temecula, Calif., for an undisclosed amount in an all cash transaction.
The property, situated on a 20-acre campus at the gateway to Temecula’s wine country, has 51 independent living units, 73 assisted living units and an Alzheimer’s care facility with 28 units (53 beds) in three separate buildings. Onsite amenities include main and private dining rooms, an exercise and wellness facility, library, billiards room and business center. Moreover, the community features a beauty/barber shop, individual storage areas, ice cream parlor, community room and covered parking. The campus is further enhanced by its European-style architecture in addition to large open exterior spaces and lush landscaping that includes a pool/Jacuzzi, shuffleboard courts, putting green and outdoor living areas.
Sterling Senior Communities is Temecula’s most distinctive resort-style retirement community. Monthly rents, which include housekeeping services, utilities, meals, scheduled transportation and activities, vary according to unit type and level of care.
The acquisition of Sterling Senior Communities compliments MBK Senior Living’s business plan to acquire or develop high-quality senior living assets with multiple levels of care in high growth California markets.
“We’re extremely excited to continue our growth plan with the acquisition of such a high-quality asset,” notes Terry Howard, president of MBK Senior Living, “and to enter one of the highest growth markets in California.” Temecula is one of the fastest growing cities in the Inland Empire region of Southern California. From 1990-2004, the population nearly tripled, rising 185.8% from 27,099 to 77,460. In 2003, Temecula was ranked as the “most prosperous” of the Inland Empire’s 48 cities, and its average household income for 2005 is estimated to be $79,699, well above both Riverside’s $48,384 and San Diego’s $55,170 estimated 2005 median household incomes.
“The acquisition of Sterling Senior Communities in Temecula represents another step forward in MBK Senior Living’s expansion strategy,” adds Howard. “We are aggressively pursuing and continuing to identify additional acquisition opportunities throughout California.”
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, 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, 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.
