Poway Unified School District Unanimously Approves Sale of Rancho Bernardo Property to AmeriCare Health & Retirement

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Both Parties Continue to Move Forward in Finalizing Sale of the Bernardo Heights Land

Silvergate Retirement Residence, a locally owned, top-rated retirement and management company in San Diego County, announced that its parent company AmeriCare Health & Retirement, Inc. has been approved to purchase the 10.88-acre Rancho Bernardo “water tower” property located within the Bernardo Heights neighborhood. The purchase was unanimously approved by the Poway Unified School District (PUSD) Board of Education with a vote of 5-0 in favor of the sale during the monthly board meeting yesterday, December 16th, 2013. The sale is expected to be finalized by the end of the year.

AmeriCare plans to collaborate with the Rancho Bernardo community to ensure that the project will benefit the area and its residents. The company looks to build and manage a third Silvergate Retirement Residence, in hopes to address a deficiency in senior housing within the community. The retirement community will also bring over 100 new jobs to the area and provide a significant property tax benefit.

“I am pleased that we have been approved to purchase the land,” stated David Petree, President and CEO of AmeriCare. “The school district has been very straight forward in dealing with us and we look forward to finalizing the sale before the end of the year.”

Director of Property Development for AmeriCare, Matthew Petree, added, “We recognize there is a growing need for additional senior housing in Rancho Bernardo and look forward to working with the local community to develop a beautiful project.”

About Silvergate Retirement Residence
With two locations in North San Diego County in Fallbrook and San Marcos, Silvergate is a full-service retirement community, offering independent living, assisted living and memory care services. Silvergate Retirement Residences were recently voted “Top 10 Retirement and Assisted Living Communities in San Diego” in the Union Tribune’s annual San Diego’s BEST Readers Poll. Silvergate is locally owned and operated by AmeriCare Health & Retirement, Inc.

For more information, visit http://www.SilvergateRR.com.

About AmeriCare Health & Retirement, Inc.
AmeriCare Health & Retirement, Inc. is a privately held healthcare management company that owns, operates and invests in retirement communities and medical office buildings. Formed in 1984, the company currently owns retirement communities in San Marcos, CA, and Fallbrook, CA, and two medical centers in Encinitas, CA, and Vista, CA. AmeriCare focuses on the acquisition, development and ownership of healthcare real estate in the Southern California geographic area, believing strongly that local ownership enhances management’s ability to operate its properties responsively to tenant and resident needs.

For more information, visit http://www.AmeriCareHR.com.

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Alessandra Generoso
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