West Living, an investment firm specializing in senior housing has completed a $12.8 million minority investment in The Bellettini, a 145-unit independent and assisted living community in the prestigious downtown area of Bellevue, Washington just outside of Seattle. The Bellettini caters to seniors seeking resort style retirement living with amenities such as Toscano — a world-class restaurant, Panini’s Bistro and Wine Bar, Prime Fit Fitness Center, Michael’s of Bellevue — a full-service spa and salon, concierge and valet services and a variety of other amenities.
Lytle Enterprises, the developer of The Bellettini has owned and developed senior housing communities for over 30 years. Family owned by Chuck and Karen Lytle, their current portfolio comprises of 3,840 units in 25 locations throughout the Western United States. “We are very pleased that West Living shares our vision for The Bellettini and we look forward to their partnership to enhance our first class senior community,” says Chuck Lytle, President of Lytle Enterprises. Bellettini is managed by Leisure Care, one of the nation’s largest privately-held retirement and assisted living management companies.
“Chuck and Karen Lytle are recognized as founders of today’s service enhanced housing catering to older adults. West Living was started in January 2009; therefore we are delighted to have a partner with the experience and successful track record of Lytle Enterprises. The Bellettini is a quality property in a historically attractive market. The investment furthers our objective of deploying capital into the senior housing and services business and we’re very bullish about this segment of real estate,” says John Rimbach, President of West Living. The company owns two communities; McDowell Village in Scottsdale, Arizona and The Reserve at Thousand Oaks, a suburb or Los Angeles, California. West Living is also in the process of developing two senior communities in Carlsbad and La Quinta, California.
About Lytle Enterprises
Lytle Enterprises, established in 1976, is committed to developing and managing quality living environments for older adults that offer a lifestyle and level of service unmatched in traditional senior living. Their portfolio of 3,840 units in 25 locations throughout the Western United States is managed by Leisure Care. For information on Lytle Enterprises, go to www.lytleenterprises.com.