Press Releases

FOR IMMEDIATE RELEASE
February 18, 2005

SHELTER GROUP RAISES SENIOR HOUSING INVESTMENT FUND

Baltimore, Md.- The Shelter Group, a leading developer and manager of senior housing properties, raised a third Senior Living Fund (SSL-III) that will support $150 million worth of investment in the acquisition or development of senior living communities. The Fund's first investment is New Pond Village, a 199-unit continuing care retirement community (CCRC) in Walpole, Massachusetts, a suburb of Boston. A number of other senior living opportunities have already been identified as potential investments for the Fund. These opportunities include the development or acquisition of market rate apartment communities for independent seniors as well as assisted and independent living communities that provide services to meet the lifestyle, emotional and physical needs of seniors. SSL-III, which was oversubscribed, follows two successful previous funds.

According to Philip Golden, President of Brightview Senior Living, the company's market-rate senior living division, the success of SSL-III was a result of the company's proven track record in the senior housing arena. Recently, much of the company's focus has been on acquiring or developing senior campuses that provide independent and assisted living. Brightview currently owns communities in Virginia, Maryland, and Massachusetts; it has one community under construction, options on land for several additional campuses, and an active acquisition pipeline.

"We are definitely in a growth mode," says Golden. "The Fund's success is a real testimonial to our track record; much of the credit for our outstanding track record and reputation is due to the quality of the teams we've been able to put in place at each community. Our staff understands that our mission is to create vibrant communities that are also a good value to residents and their family members. Demographic trends and life-style preferences continue to drive the senior housing market and our experience and reputation position us to continue attracting investment capital and earn outstanding returns for our investors."

About The Shelter Group: Shelter is a privately owned, top ranked national development and property management company. The firm's portfolio contains a broad range of properties, including conventional multi-family real estate, independent and assisted living communities for seniors, and affordable housing for families and the elderly. During its 25-plus years, Shelter has developed nearly $1 billion of real estate and is known for its ability to develop properties that meet the needs of each local market while also meeting investor goals.

The company's property management arm, Shelter Properties, LLC, operates and manages a national portfolio of communities with approximately 20,000 units, making Shelter one of the country's 50 largest property management companies. The managed portfolio is valued at more than $2 billion; a large portion of that portfolio is managed on behalf of third party owners who include large financial institutions, small investors, established not-for-profit organizations, and government agencies.

About Shelter Senior Living: This division acquires, develops and manages senior living communities for active seniors and for seniors who need additional services. Shelter Senior Living communities offer independent living, assisted living, and, in many communities, Wellspring Village, a separate residential area for those with Alzheimer's and other forms of age-related dementia. Shelter's senior communities and its Wellspring Village have won national attention for their vibrant activities programming and general approach to caring for and supporting the successful aging of seniors.

Shelter, which is headquartered in Baltimore City, Maryland, has Regional Offices in Atlanta and Dallas with additional concentrations of properties in Florida, Tennessee, and North Carolina.

For more information on The Shelter Group, Shelter Properties, and Shelter Development, please visit www.TheShelterGroup.com. More information on Brightview Senior Living can be found at www.brightviewseniorliving.com

Back to In The News