Pacific Gulf Purchases Site for Senior Housing

Intending to build 259 apartments for senior citizens, Pacific Gulf Properties Inc. of Newport Beach has bought nearly a nine--acre site in Anaheim from American Housing Partners Inc. for $5.4 million, the company said Monday.

Located at Santa Ana Canyon Road and Festival Drive, the Fountains at Anaheim Hills will be located in the master-planned community known as the Festival.

“This site fits well with our strategy in that it is conveniently located near shopping and entertainment facilities which are important to active seniors when they select a place to live,” said Glenn L. Carpenter, Pacific Gulf’s board chairman and chief executive officer.

Pacific Gulf said it is planning to purchase three other parcels in escrow where senior citizen rental units will be built, but did not disclose their locations. The company’s stock fell 25 cents to $19.94 on the New York Stock Exchange.