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Senior-living apartments sold to New York landlord

January 8, 2009 |  4:10 pm

Owners of the Pantages will announce plans to add 10 stories of office to the historic building, thereby completing the original Art Deco plans drawn up in the 1920s. photo by Annie Wells

FountainGlen Properties of Irvine, the largest developer of age-restricted rental housing for tenants 55 and older, has been purchased by New York developer and landlord the Clarett Group.

The acquisition is part of Clarett's strategy to expand on the West Coast, said Frank Stephan, senior managing director. Clarett will continue to operate FountainGlen's 10 apartment complexes in such Southern California cities as Pasadena, Laguna Niguel and Huntington Beach.

Clarett also plans to acquire and develop more FountainGlen apartment complexes, Stephan said. Terms of sale were not released. In a separate project in Hollywood, Clarett is planning a $400-million apartment development next to the Pantages Theatre. Construction may begin later this year, Stephan said.

-- Roger Vincent

Photo: The Pantages. Photo: Annie Wells / Los Angeles Times

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