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IRVINE, CA-The New York City-based Clarett Group has acquired FountainGlen Portfolio Management, a seniors housing specialist based here that develops and operates complexes on the West Coast. The Irvine-based firm has developed 12 seniors complexes totaling approximately 2,650 units, including 10 communities that were developed under the FountainGlen banner which were sold in 2006 to an institutional investment partnership.

The Clarett Group acquired the seniors housing specialist because, “We believe that high-quality rental age-restricted housing will continue to be an increasingly important segment of the real estate market,” according to Veronica W. Hackett, managing partner of Clarett. Hackett said in a statement that Clarett will work with FountainGlen in the acquisition of new development sites in an effort to expand the FountainGlen brand.

FountainGlen is headed by Glenn L. Carpenter, its founder, president and CEO, who until last week was the chairman of Santa Ana-based Grubb & Ellis Co. Grubb & Ellis named C. Michael Kojaian as the company’s new chairman, but Carpenter remains on the Santa Ana-based company’s board as an independent director.

Terms of the Clarett Group acquisition of FountainGlen were not disclosed, but the parties did say that Prudential Real Estate Investors provided a financial commitment to FountainGlen. PREI is a longtime investor in FountainGlen on behalf of its institutional investor clients and is also a long-term investment partner of the Clarett Group. Clarett executives Hackett, CFO Warren Fink and senior managing director of West Coast operations Frank A. Stephan will join the FountainGlen investment committee.

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