| Aspen
Retirement Continues its Senior Community Expansion with the Acquisition
of The Waterford House in Dayton, Ohio -- Aspen Waterford brings Aspen’s total number of independent and assisted-living communities to eight with nearly 1,400 homes for seniors. September 10, 2003 – Denver, Colorado – Aspen Retirement Corporation, an affiliate of The Broe Companies, Inc., headquartered in Denver, Colorado, announced its acquisition today of The Waterford House, located in Dayton, OH. The Waterford House is an independent-living retirement community for seniors. Aspen is changing the name to Aspen Waterford, effective today. This acquisition expands Aspen’s operations to eight retirement communities, serving nearly 1,700 seniors, in four states: Aspen Waterford in Dayton, OH, Aspen Amber Park in Cincinnati, OH, Aspen Woodside Village in Cleveland, OH, Aspen Village at Lowry in Denver, CO, Aspen Gayton Terrace in Richmond, VA, Aspen Wyndham Lakes in Jacksonville, Fla., Aspen Bella Vita in Venice, Fla., and Aspen Willow Wood in Fort Lauderdale, Fla. This acquisition is part of Aspen’s continuing plan to acquire $200 million in additional senior housing communities nationwide in the next 12 to 18 months. David Morley, President and CEO of Aspen, indicated his excitement at entering the Dayton market, saying, “With the operating and capital improvements we have planned, The Waterford will reclaim its position as the premier rental retirement community in Dayton. We are excited about the opportunity to bring Aspen’s unique approach to Dayton’s seniors.” Robert Jacobs, COO of The Broe Companies, Inc. added, “This acquisition is part of an aggressive growth plan for Aspen. We are seeking other opportunities to deploy capital and continue growing the company.” About Aspen Retirement Aspen owns and operates eight independent and assisted-living retirement communities in four states. In addition to Aspen Waterford, Aspen owns Aspen Amber Park in Cincinnati, OH, and Aspen Woodside Village in Cleveland, OH, Aspen Village at Lowry in Denver, CO, Aspen Gayton Terrace in Richmond, VA, and three communities in Florida: Aspen Wyndham Lakes in Jacksonville, Aspen Bella Vita in Venice and Aspen Willow Wood in Fort Lauderdale. Media Contact: Tom Henley Dir. of Communications 303-398-0342 thenley@broe.com |