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ACTS Retirement-Life Communities Signs Land Purchase Agreement on 48-Acre Site in Matthews, North Carolina
Date:6/18/2008

Plans to build a second state-of-the-art CCRC across from its Plantation Estates community in Mecklenburg County

MATTHEWS, N.C., June 18 /PRNewswire-USNewswire/ -- ACTS Retirement-Life Communities has signed a purchase agreement on a 48-acre land parcel located near the intersection of Fullwood Lane and South Trade Street in Matthews, North Carolina. ACTS plans to add approximately 350 independent living apartments and single family homes with additional numbers of assisted living and skilled care suites. The expansion is designed to complement an existing ACTS community adjacent to the property, Plantation Estates, which is home to approximately 560 retirees and is currently undergoing a $9 million renovation and expansion of its own by adding additional independent living apartments and a 16,000-square-foot wellness center with an indoor pool.

"We are very excited to bring the ACTS lifestyle to more retirees in the greater Charlotte area," said Marvin Mashner, ACTS President and Chief Executive Officer. "This new development in Matthews will help us to fulfill our mission of reaching more seniors with a combination of resort-style living and high quality services and care."

The proposed Matthews community, tentatively called Plantation Village, would be ACTS' third continuing care retirement community (CCRC) in North Carolina. Tryon Estates, which is also owned and managed by ACTS, is located in Columbus. Each ACTS campus features a wide range of amenities including a country club-style clubhouse with multiple dining venues, fully equipped fitness area, an indoor pool, and a full calendar of social activities and events. ACTS offers an extensive life care contract where residents pay an entrance fee and a stable monthly fee which does not increase when moving from independent living to its on-campus OakBridge Terrace and WillowBrooke Court health centers.

ACTS plans to begin marketing efforts soon and will begin construction after 70 percent of the project is pre-sold. Funding for the planned development is to come through tax-exempt bonds. ACTS expects the Matthews development will bring additional construction jobs to the area, and when complete would employ approximately 150-200 people.

ACTS Retirement-Life Communities, Inc., is the nation's largest not-for-profit owner, operator and developer of CCRCs. Headquartered just outside Philadelphia, in West Point, Pennsylvania, ACTS has a family of 19 continuing care communities that serve more than 8,100 older adults in six states and employ nearly 5,400 people. All established ACTS communities are nationally accredited for excellence in senior housing by the CARF Continuing Care Accreditation Commission, an independent agency that sets recommended performance standards for the industry. For more information about the ACTS Matthews project call (704) 847-4800 or visit ACTSretirement.com.

CONTACT: Michael Smith, 215.661.8330 or Colleen Wilson, 561.362.8377


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SOURCE ACTS Retirement Life Communities
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