Vi Enters into Agreement with Senior Housing Properties Trust for Nine Rental Properties

Share Article

Vi has announced that on September 1, 2011, Senior Housing Properties Trust agreed to purchase Vi’s portfolio of nine Classic Residence rental communities from affiliates of CC-Development Group, Inc.

“Our company continues to see growth opportunities for its CCRC communities as the result of our quality reputation, a differentiated brand and strong future demographic trends.”

Vi has announced that on September 1, 2011, Senior Housing Properties Trust agreed to purchase Vi’s portfolio of nine Classic Residence rental communities from affiliates of CC-Development Group, Inc. The communities are currently operated by Vi. Following the closing, the nine communities will be managed by Five Star Quality Care, Inc.
CC – Development Group, Inc. will maintain ownership of its quality portfolio of ten continuing care retirement communities and home healthcare company, Senior Health Care Services, Inc. Vi will continue to manage the continuing care retirement communities.

Randal J. Richardson, President of Vi, made the following statement regarding the announcement:
“Over the past 24 years, Vi has built a successful business with one of the most desirable collections of senior housing properties in the United States. Our long term commitment to best in class environments, service and care has enabled us to become a premier provider of high quality living communities for older adults.

“Vi has been privileged to serve the residents of the Classic Residence communities and work with the employees who have provided that high level of service. We remain committed to continuing to provide our industry leading service and care to our CCRC residents and Senior Health Care Services clients.

“Our company continues to see growth opportunities for its CCRC communities as the result of our quality reputation, a differentiated brand and strong future demographic trends.”

About Vi
Vi, formerly Classic Residence by Hyatt, was founded in 1987 as a developer, owner and operator of older adult living communities. The company is dedicated to enriching the lives of older adults by providing high quality environments, services and care. The company’s communities have earned honors for being among the nation’s finest, including Platinum, Gold, and Silver Achievement Awards from the National Association of Home Builders 50+ Housing Council. More information is available at the company’s web site http://www.ViLiving.com.

Hyatt is a registered trademark of Hyatt Corporation

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Classic User
Classic Residence by Hyatt
(312) 803-8490
Email >
Visit website