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Veranda Park, Anna Maria sold for $51.1 million

Veranda Park and Anna Maria Creekside retirement complexes have been sold to a McMinnville-based company that promises few, if any, changes to two of Medford's larger over-55 communities.

The $51.1 million sale closed Wednesday with The Springs Living LLC, a company that owns and operates eight similar-sized retirement communities in the Salem and Portland areas.

Springs Living owner and founder Fee Stubblefield said management of the two properties will turn over July 1.

The properties, which were built and majority-owned by Mike Mahar, were never on the market and negotiations with Stubblefield occurred when Mahar and co-owners Randy Jones and Larry Horton were in the process of refinancing them.

Mahar, whose parents and mother-in-law live at Veranda Park, said selling the properties was "a very emotional decision" but that Stubblefield's company fit the mold as a worthy purchaser.

"This was a very, very weighty decision because we wanted only the right company that has the core values we have," Mahar told the Mail Tribune this afternoon. "They actually came to us and (the sale) seemed like the right thing to do.

"We have a high bar, we set a high standard and it's important to us that it's maintained," Mahar said.

Stubblefield told the Mail Tribune that it took him "all of five minutes" to become sold on buying the two properties, which he called well-built and well-run.

"We are very impressed by the staff," Stubblefield said. "The satisfaction of the residents dictate the staff.

"We want to just continue the quality that exists here," he said.

Veranda Park, on Thrasher Lane off East McAndrews Road, opened in 2007 with 220,000 square feet of facilities, including 113 apartments and 28 cottages, all rented monthly.

Anna Maria Creekside was built in 1999 at 822 Golf View Drive.

Jones was a co-owner with Mahar and Horton in the Veranda Park project but not Anna Maria Creekside, records show.

— Mark Freeman