PRS to operate Peninsula Regent near San Francisco
Pacific Retirement Services has assumed operation of the Peninsula Regent in San Mateo, California, three miles from San Francisco International Airport.
The 240-resident continuing-care community with a 16-story residence tower, 400,000 square feet of living space on a 1.7-acre campus was built in 1986.
Medford-based PRS signed a 50-year operations lease with an option to buy the campus.
"It's similar to our Mirabellas in Portland and Seattle," said CEO Brian McLemore. "It's beautifully maintained and a premier community in that market. It's right on scale with the quality of other campuses we operate. A lot of the communities we take over are run down and need fixing. This is an amazing community that doesn't have to be rebuilt or repositioned. It was way ahead of its time with a lot of two-bedroom apartments, a beautiful common area and pool."
The Peninsula Regent was operated by developer BRIDGE Housing, which has changed its focus to affordable housing. As a result, it began looking for a management firm last year.
“The Peninsula Regent has worked with PRS as our marketing consultant since 2010, so we know them well," Executive Director Marianne Nannestad said.
PRS manages Northern California senior communities in Davis, Napa, Santa Rosa and Saratoga.
With the lengthy management agreement in place, McLemore said there was no hurry to transition.
"One of the principal owners is a big philanthropist in San Francisco," he said. "We look at everything from the long view. The (Rogue Valley) Manor was built in '61, Eugene and other properties were all built in the '60s; we can be patient. When the timing is right, we'll make it happen."
The facility has a full-time staff of 90.
McLemore said the $270 million Arizona State University Mirabella in Tempe is nearing reality, with groundbreaking slated for later this year. It's scheduled to open in two years.
Pacific Retirement Services' $80 million, 23-story expansion in Fort Worth will open in June.
— Reach reporter Greg Stiles at 541-776-4463 or firstname.lastname@example.org. Follow him on Twitter at www.twitter.com/GregMTBusiness, on Facebook at www.facebook.com/greg.stiles.31.