People on the Move – Balto. Co. senior living development acquired

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Baltimore Business Journal – 2:33 PM EDT Monday, July 16, 2007by Daniel J. SernovitzStaff

A Chicago retirement community company has bought the Atrium Village Senior Living Community in Owings Mills for an undisclosed price.

Senior Lifestyle Corp. said Monday it bought the eight-acre retirement community as part of a joint venture with an affiliate of Walton Street Capital LLC, also based in Chicago. The deal was Senior Lifestyle’s 15th acquisition this year and joins a portfolio of more than 50 senior living communities across the country.
“As our first property in Maryland, Atrium Village will build upon Senior Lifestyle’s presence on the East Coast,” William B. Kaplan, chairman and CEO of Senior Lifestyle, said in a news release.

Atrium Village, which opened in 2001 with 262 assisted-living and independent-living residential units, was developed by Kennett Square, Pa.-based Genesis HealthCare (NASDAQ: GHCI). Genesis bought the property, assessed at about $19 million, for $1.2 million in 1999.

A representative from Senior Lifestyle could not be immediately reached for comment.

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