O.C. Firm to Develop Senior Housing

Banking on the nation’s aging population, a Newport Beach group will spearhead the development of a unique housing complex in Fountain Valley that combines senior apartments and assisted-living units for those needing more services and care.

Fountain Valley Senior Housing has paid $9.2 million for a 16.6-acre site adjacent to Fountain Valley Regional Hospital, according to broker David Stolte, director of senior housing for Charles Dunn Co.

Cameo Homes of Newport Beach plans to break ground next month on 456 apartments for seniors 55 and older on part of the site. A smaller 4.1-acre portion of the site will be sold for the development of a complex of approximately 200 assisted-living units, which will be geared to house residents who may be unable to prepare their own meals and need help with personal care.

The side-by-side location of the senior apartments and assisted-living facility is unusual for Southern California, said Stolte, who is involved in the development of more than two dozen similar facilities across the state. The attraction for seniors is that they would be able to remain in the same neighborhood when they are no longer able to live independently.

“The elderly population that is 75-plus should triple in the next 10 years,” Stolte said. “These are the people that quite often need assistance with their daily functions.”

Currently there are about 48,000 assisted-living units nationwide, Stolte said. But an additional 100,000 need to be built in the next five to 10 years to keep up with demand.

Stolte said discussions are underway with developers interested in building and operating the assisted-living facility portion of the Fountain Valley site.