The 90s

Fueled by Kaiser’s capital, The Fountains grew and flourished.  Under Freshwater’s leadership as CEO and support from its strong leadership team, the company developed a distinctive and sustainable culture. During this period the company grew to a staff of about 40 corporate resource associates from the four or five individuals who began things out of a two bedroom apartment next to the Dumpster on The Fountains at La Cholla campus.  One of those individuals who started with Freshwater was David Barnes who helped build systems (when there were no off-the-shelf options) for the upstart company.  By completing multiple acquisitions of under-performing retirement communities and repositioning them with innovative solutions and sound management, The Fountains developed a core competency that fueled attractive returns for its majority shareholder.  The Fountains’ portfolio grew from a fractional share of 260 units in 1991 to 100% ownership of nearly 4,000 units in 14 communities by the end of 1997. In 1997, the company reported assets of $220 million, gross revenues of $42 million and a net operating income of nearly $4 million. By the end of FY 2000, assets had grown to $350 million, with gross revenues of $120 million and NOI of $21 million.