ARV Assisted Living Inc., focusing on California assets, said Tuesday it will sell five out-of-state retirement centers with a total of 793 units to Denver-based Aspen Retirement Corp.
Costa Mesa-based ARV said it expects to net $7.5 million from selling the centers in Florida, Virginia and Ohio.
In addition, a limited partnership in which ARV owns a majority stake has purchased four assisted living communities in Northern California for about $14.3 million, ARV said.
The partnership--American Retirement Villas Partners II--previously owned a small stake in the retirement centers, which have a total of 330 units.
American Retirement acquired Retirement Inns in Campbell, Sunnyvale, Burlingame and Fremont.