FountainGlen plans to build 226 units of active senior apartments on the property, which is on Decoro Drive at McBean Parkway. The company plans to begin construction during the second quarter 2003, with completion anticipated in fall 2004.
The project will be called the Fountains at Creekside and will be the second such property to be developed in the Santa Clarita Valley by FountainGlen, which has developed active senior apartments throughout California.
Deborah Luedy of Ramsey-Shilling Co., who specializes in brokering senior housing deals, tells GlobeSt.com that demand is strong for seniors housing in the Santa Clarita Valley. She says that when she posted a sign on the property indicating that it was the proposed site of a seniors apartment complex, she received about 200 calls from people inquiring about living there. Luedy represented Newhall Land, while David Stolte of the Charles Dunn Co. represented FountainGlen.
John Alstrom, vice president of acquisitions for FountainGlen, tells GlobeSt.com that the Valencia property is the second seniors apartment site that the company has acquired in the Santa Clarita Valley. The other is 9.22 acres at the Old Road and Constitution Street in nearby Stevenson Ranch. That project will include 272 units and is scheduled to be completed about four months after the Valencia development, according to Alstrom, who says FountainGlen expects the new complexes will take about a year to fill after construction is finished.
The Creekside project in Valencia, like other FountainGlen developments, will include recreation facilities such as a swimming pool, spa and game room, along with a library, elevator access and on-site laundry facilities.
The FountainGlen portfolio comprises 2,949 apartment units, all designed for seniors 55 and older. The properties, all of which FountainGlen manages, include nine complexes in the California communities of Anaheim, Temecula, Rancho Santa Margarita, Laguna Woods, Riverside, Escondido, San Dimas and Sacramento. Alstrom tells GlobeSt.com the properties are running at more than 95% occupancy.
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