IRVINE, CA (November 9, 2004)— Irvine, California-based MBK Real Estate has announced the expansion of its real estate operations with the company’s reentry into the senior housing market through its subsidiary, MBK Senior Living. Stefan Markowitz, president of MBK Real Estate, has also announced the appointment of Terry Howard as president of the senior housing division.
“In response to the continuing growth of the senior population in California and improved market conditions in the senior housing sector, MBK has decided to expand our business beyond our successful homebuilding and retail development operations,” said Markowitz. “We will take advantage of the opportunities today’s market presents to once again position the company as a significant player in the senior housing business. In the mid 1990s, MBK Senior Living was recognized as one of the top regional players in the California senior housing business. In the late 1990s MBK substantially reduced its operations in response to weakness in the senior housing market.”
For the past several years, the senior housing sector has continued to absorb the excess supply created during the building boom of the late 1990s. The industry is now experiencing greater demand, higher occupancy rates and increased awareness among consumers and key decision makers, according to recent information from the National Investment Center of the Senior Living and Care Industries. Strong state and local demographics also support MBK’s geographic targets, according to Howard. “California continues to lead the nation in the percentage of aging adults. The six-county Southern California region alone is home to more than one million persons age 75+, and during the next five years this age cohort is projected to grow by 2.4%, double that of the general population.” Orange County, a key local market for growth, has a similar demographic story. The 75+ senior population is projected to grow at an annual rate of 2.2% compared to 1.2% in the general population.
“MBK has developed a strong brand among consumers and industry professionals in California. Over the last several years alone, MBK has completed in excess of two million square-feet of retail redevelopment, and approximately 1,600 homes through its retail development and homebuilding companies. The Senior Living Division will benefit by leveraging off MBK’s successes in these divisions and those of its former senior housing business,” said Markowitz.
Terry Howard has more than 20 years experience in the planning, development, acquisition, operations, and sales and marketing of more than 70 senior projects nationwide. He has been involved with product types that include: senior apartments, independent living, assisted living, Alzheimer’s care, skilled nursing care and continuing care retirement communities.
Company Background
MBK Real Estate Ltd. and its three wholly owned subsidiaries, comprise the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. The company’s core business activities include the acquisition, redevelopment and development of retail/entertainment properties, the development and sale of for sale housing and the development, acquisition and management of senior living properties.
MBK Real Estate Ltd. is headquartered in Irvine, CA, with regional offices in Portland, OR. Corporate offices are located at 175 Technology Drive, Irvine, CA 92618; phone 800.566.7100; fax (949) 789-9300; or visit its Web site at www.mbk.com.
