Alternative Living Services concentrates on the Midwest With a presence in 23 states across the country, Alternative Living Services is shoring up its Midwestern base with the recent acquisition of nine assisted living centers in Kansas and Wisconsin for $39 million. The acquisitions increase the Brookfield, Wis.-based company's resident capacity by 426.
Five of the seven Kansas residences have an average occupancy of 96%.
The two Wisconsin properties, one located near Madison and the other close to Appleton, will be operated under ALS' Crossings brand. The company now operates 37 residences in Wisconsin with a capacity for 969 residents.
CareMatrix reports record third quarter results, shares up $0.16 Reporting record-high third quarter results, Needham, Mass.-based CareMatrix Corp. saw revenues nearly double from $20.8 million last year to $39 million in 1998. Earnings per share also rose $0.16 from $0.11 in '97 to $0.27 in '98.
Predicting continued growth, Robert Kaufman, CareMatrix CEO, attributes the company's success to an increase in occupancy levels to 93%, which also helped boost operating margins by nearly 2% since January.
Epoch Senior Living buys CMI Senior Housing & Healthcare Waltham, Mass.-based Epoch Senior Living acquired CMI Senior Housing & Healthcare, boosting the company's portfolio of nursing and assisted living facilities in Massachusetts to eight. Company officials say they plan to acquire or develop an additional 405 assisted living units in New England.
To fund the acquisition, Epoch negotiated a $25 million equity loan from Bain Capital, which, according to company Chairman Laurence Gerber, may be expanded to $100 million to pay for future projects.
GMAC arranges $34 million financing for Camlu Senior GMAC Commercial Mortgage arranged $34 million in financing for four Camlu Senior Assisted Living complexes in the Southwest. The permanent loan has a fixed 7.14% interest rate and a 25-year amortization.
Loans were issued for Camlu's 154-unit assisted living and retirement facility in Tucson, Ariz.; a 176-unit assisted and independent living complex in Austin, Texas; a 182-unit assisted living and nursing center in Kerville, Texas; and a 125-unit Las Vegas facility.
McCarthy beats competition in bid for major Arizona project Scheduled to break ground in the spring of 1999 on a 397,000 sq. ft. retirement community in Sun City West, Ariz., the Ryerson Co. has awarded thebid for the $28.6 million project to Phoenix-based contractor McCarthy.
Located on an 11.1-acre site, Heritage Tradition, a four-story facility with 228 independent living units ranging in size from 800 sq. ft. to 1,500 sq. ft., should be completed by the spring of 2000.
NIC profiles assisted living residents in latest study In its just-released study, the National Survey of Assisted Living Residents: Who is the Customer?, The NationalCenter (NIC), formerly the National Investment Conference, reports four key findings:
* The reported incomes and net worth of assisted living residents are substantially lower than is currently believed.
* There are significant differences in the length of resident stay based on who pays the bill.
* Assisted living residents are similar to most nursing home residents, but the latter have far greater limitations.
* The occupancy rates of older properties appear to be suffering at the hands of newer ones.
More than 1,000 residents were surveyed in 178 assisted living communities for the demographic study, which was conducted by the ProMatura Group. The 400-page report is available for $195 by calling (410)267-0504.