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California and the West

Firm to Buy Retirement Homes

November 15, 2005|From Bloomberg News

Merrill Gardens, a closely held owner of senior-housing sites, agreed to buy six retirement communities in Northern California for $126 million to expand its holdings on the West Coast.

The properties, which are being purchased from closely held Westlake Senior Living, have 1,000 apartment units that can serve more than 1,200 residents, Seattle-based Merrill Gardens said Monday.

Merrill Gardens expects to complete the acquisition by the end of the year.

The company has been increasing its West Coast holdings, with almost half of its retirement communities now in California and Washington. With the acquisition, Merrill Gardens will own and operate 15 communities in California.

After completing the transaction, Merrill Gardens will own and operate 70 senior-housing sites with 8,741 apartment units in 12 states. The company had revenue of $159 million last year.

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