Senior Resource Group Achieves Record Pre Lease/Full Occupancy At New Retirement Communities Company Shatters Industry Averages as Seniors Flock To Distinctive Retirement Housing

San Diego, Calif. -- July 29, 2002 -- Senior Resource Group, LLC (SRG) - a leading provider of innovative senior housing solutions - reports that pre-lease and occupancy levels at its newest retirement communities are shattering industry averages.

Less than six months after it opened its doors in December 2001, The Village at Sherman Oaks - SRG's most recently launched retirement community and its first in the Los Angeles market – achieved full occupancy of its 196 independent living and 39 assisted living apartments. The $35 million project was more than 90% leased on opening day.

“What SRG achieved with The Village at Sherman Oaks is extraordinary, particularly at a time when much of the senior housing industry is still reeling from the effects of over saturation,” said Jim Moore, founder of senior housing market research firm Moore Diversified Services (MDS).

According to the most recent data available from MDS, the “in-rush” (i.e., pre-lease commitments that convert into move-ins) average 12 to 15 percent at independent living senior communities, and the average net post opening move-in rate (move-ins less move-outs) for those that have opened recently is 6 to 7 units per month.

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11835 W. Olympic Blvd. ¨ Suite 925E ¨ Los Angeles, CA 90064
310-479-6111 ¨ FAX 310-479-4114 ¨ www.tellem.com

“The Village at Sherman Oaks accomplished in less than six months what would take the average congregate care community more than two years,” Moore added. “This performance bodes very well for the results SRG may expect for the similar developments it currently has under construction.”

SRG's two under construction projects, La Vida Real (San Diego, Calif.) and Maravilla (Santa Barbara, Calif.) are pre-leasing apartments at a rate even faster than The Village at Sherman Oaks, exceeding the levels achieved by any of SRG’s other properties during the company’s 15 year history.

Scheduled to be completed in summer 2003, La Vida Real is expected to be fully occupied on opening day. Maravilla, which is expected to be completed in fall 2003, began marketing with more than 1,200 people on the waiting list for its 363 units. In less than 60 days of pre-marketing, SRG has pre-leased more than 60% of their apartments and cottages.

"Fundamental to our success is the understanding that senior housing is not simply another real estate market,” said Michael Grust, president of SRG. “As one of the nation’s premier providers of distinctive living environments for older adults, Senior Resource Group has spent well over a decade responding to senior trends with experienced perspectives and innovative insights.”

SRG's strategy for success is a far cry from the path followed by many developers in the 1990s, who rushed to complete projects in already saturated markets. In contrast, SRG excels at developing projects in regions that are underserved and have high barriers to entry. The company is very adept at addressing the nuances of each local market, including often-complex zoning restrictions.

"We are passionate about upfront market research, site selection and program design to ensure that we build senior housing communities that will endure," said Grust.

SRG is also unique in its progressive, multidisciplinary approach to senior housing. Each SRG community is the product of expertise in fields including healthcare, architecture, real estate and hospitality. The company's resort-style communities provide services and amenities that enhance, rather than diminish residents' independence, regardless of whether their needs call for independent living, assisted living or more intensive care. Independence-enhancing amenities include 12-hour restaurant-style dining, Internet lounges, fitness centers and apartments with fully functional kitchens.

"The wreckage of overbuilding and over promises in many markets has made Wall Street skeptical about the hype in senior housing. SRG's success proves that the senior housing industry is turning around for those who act wisely," said Grust.

About Senior Resource Group
Senior Resource Group, LLC (SRG) develops, owns and operates independent living, assisted living and dementia/Alzheimer's care communities in the western states. Its larger communities, also known as "campus communities," offer residents a continuum of services that allow them to “age in place’ - maintaining active, comfortable lives as their needs grow and change. SRG's corporate headquarters is located at 4660 La Jolla Village Drive, Suite 725, San Diego, CA 92122; (858) 552-6776; www.srgseniorliving.com.






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