ABHOW's Affordable Housing Division Reorganizes as Beacon Communities
The nonprofit, nationally known senior housing and health care provider ABHOW is reorganizing its affordable housing division as Beacon Communities , effective Jan. 1, 2015.
- San Francisco, CA (1888PressRelease) December 31, 2014 - A subsidiary company wholly owned by ABHOW, Beacon Communities will focus on meeting the housing needs of seniors with limited means. The new company is a natural extension of ABHOW's mission to serve an ever-increasing number of older adults, says Ancel Romero, president of Beacon Communities.
"Supported by the broad resources of ABHOW, Beacon Communities is laying the groundwork for the future so we can expand our vision to provide affordable, comfortable homes to older adults throughout the West Coast," he says.
With over $200 million in assets and $27 million in annual revenue, Beacon Communities' 33 affordable housing communities serve more than 2,500 residents. In 2015 the company will celebrate the grand opening of The Pearl on Oyster Bay in Bremerton, Washington. Beacon Communities also has a total of 10 development and redevelopment projects in its pipeline.
To support and enhance its growth, Beacon Communities has acquired Beacon Development Group, a Seattle-based developer of affordable housing communities.
Beacon Development Group will remain a Washington corporation and continue to serve its clients, says the firm's founder and president, Paul Purcell. The firm will also provide development expertise to Beacon Communities for projects in California and other locations as necessary.
"Beacon Communities provides a broad footprint and a wealth of experience," Purcell says. "Our alliance is founded on shared values and a common mission to grow affordable housing. Together, we'll be able to expand affordable housing opportunities across the West Coast."
The changes come as the nation grapples with a shortage of affordable senior housing. On average, older adults wait between two and five years to move into these communities today.
"ABHOW has always pursued creative ways to provide housing and supportive services to older adults," says David B. Ferguson, ABHOW's president and CEO. "The reorganization of Beacon Communities and acquisition of Beacon Development Group is our response to the tremendous need for quality affordable housing."
ABHOW has been recognized as one of the nation's most respected providers of affordable senior housing for more than four decades. The organization is one of only a few companies designated as a Communities of Quality Corporate Partner with the National Affordable Housing Management Association.
"Although our name is changing, our commitment to building safe, affordable homes for older adults has never been stronger," Romero says. "I'm excited to expand our footprint and expertise as Beacon Communities in the months and years ahead."
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