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ORANGE COUNTY BRIEFLY

Operator of Homes for Seniors Buys Va. Facility

August 01, 1996

COSTA MESA — ARV Assisted Living, an operator of assisted living homes for seniors, said that it will acquire a four-story, 92-unit retirement facility in Richmond, Va., for $6.3 million, its first property in Virginia.

ARV said it will build a 40-unit annex on the 10-acre parcel.

In addition, the company said, it has completed its purchase of a 97-acre site in Attleboro, Mass., for $485,000. ARV plans to start building a 132-unit assisted living facility in September and finish it within a year.

The company also said that some outside investors who held restricted stock are now able to sell their shares. Though sales will be reported as insider transactions, the company said that no directors or top officers have sold stock or have registered to sell stock since the public offering.

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