Clarett Group Buys FountainGlen

The Clarett Group acquired FountainGlen Portfolio Management Inc., a developer and operator of age-restricted residential communities located in California cities such as Huntington Beach, Pasadena, Anaheim Hills and Valencia.The firm’s existing portfolio of managed properties includes 10 communities that were developed under the FountainGlen banner which were sold in 2006 to an institutional investment partnership.  To date, the company has developed 12 communities totaling approximately 2,650 units.  “We believe that high-quality rental age-restricted housing will continue to be an increasingly important segment of the real estate market,” said Veronica  Hackett, managing partner of The Clarett Group.   “FountainGlen has created the premier development model for this housing option and is the benchmark company in this industry sector.” Executives from The Clarett Group to join the FountainGlen investment committee are Veronica  Hackett, managing partner, Warren Fink, CFO, and Frank Stephan, senior managing director of firm’s West Coast operations.