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Fox Hill Senior Condominium Development Thrives During National Housing Slump

Wednesday, February 20, 2008 General News J E 4
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BETHESDA, Md., Feb. 19 Fox Hill SeniorCondominium Community in Bethesda, MD, developed and managed by Sunrise SeniorLiving, Inc. (NYSE: SRZ), continues to thrive during one of the nation'slargest housing slumps, as more than 140 condominiums have already beenreserved to date and construction on the community is at 70 percentcompletion.

(Photo: http://www.newscom.com/cgi-bin/prnh/20080219/NETU008 )

Fox Hill is an equity-based independent living condominium community witha separate and distinct area of the community offering short-term andlong-term assisted living rental suites for seniors requiring assistance withdaily living activities or memory care. This community will offer seniors age60 and older an upscale lifestyle by combining a prime Bethesda, MD locationbuilt on 16.4 wooded acres of forest preserve, with luxury condominiumresidences, extensive amenities and personalized services.

In addition to the Federal Reserve's recent decision to lower interestrates coupled with the fact that housing prices in the Bethesda, MD areacontinued to grow in 2006 and 2007 when other DC-metro area housing pricesfell, Sunrise also attributes the condominium's success to the local area'sdemand for distinctive and high-quality service and living options for theactive senior.

"Seniors today are active, engaged in their communities and demand avariety of lifestyle options," said Paul Klaassen, Sunrise's founder and CEO."Fox Hill's extraordinary amenities and services, as well as ouruncompromising attention to detail, differentiate us from other senior livingcommunities, and we are excited to be at the forefront of innovating new waysfor seniors to live and enjoy life."

Klaassen's own parents will be moving into one of the condominiums laterthis year.

Fox Hill's 240 independent living condominiums will include one-, two- andthree-bedroom residences, ranging in size from 834 to 2,251 square feetoverlooking a golf course, forest preserve and manicured courtyards, and canbe reserved with a fully refundable 10 percent deposit of the condominiumpurchase price. Unlike many senior living options, independent livingresidences at Fox Hill are equity-based, giving seniors the opportunity to owntheir homes and add care or additional services if and as their needs changeover time without having to move. Also unique to Fox Hill are the community'supscale amenities -- all within a gated community -- which will include a spaand salon offering beauty and therapeutic treatments; a 200-seat performingarts center; a business center, which is fully equipped with copy and faxmachines and a full service gift wrapping station; a recording studio, indoordriving range, artists' studio, card room, woodworking shop, library; andfully-equipped fitness center complete with an indoor swimming pool andwhirlpool.

Chevy Chase Bank will provide full-service banking on premises for theconvenience of the owners. Other services include a full-service conciergedesk, a variety of dining options, a temperature- and humidity-controlledprivate wine cellar for storing residents' favorite wines, housekeepingservices, garage parking and transportation services. The quality staff atFox Hill will include chefs, wait staff, security, drivers, hair stylists,activity coordinators and concierges, among others.

Fox Hill will also provide exceptional rental accommodations in a separatearea of the community for assisted living services and residents requiringspecialized memory care, as well as an on-site outpatient rehabilitationcenter providing physical, occupational and speech therapies. Reservations forthese 83 distinctive rental suites will begin in March. Specially trainedstaff will serve these areas of the community to ensure residents arereceiving the appropriate and high-quality care they deserve, allowing them toage in place. Fox Hill is currently applying
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