BUSINESS BRIEFING / REAL ESTATE
Times Staff and Wire Reports
FountainGlen Properties of Irvine, the largest developer of rental housing for tenants 55 and older, has been purchased by the Clarett Group, a New York developer and landlord.
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 Pasadena, Laguna Niguel and Huntington Beach.
Clarett also plans to acquire and develop more FountainGlen apartment complexes, Stephan said. Terms of the sale were not released.
