EXHIBIT 99.1

                          IMPORTANT FACTORS REGARDING
                          FORWARD -LOOKING STATEMENTS

The following factors, among others, could cause actual results to differ
materially from those contained in forward-looking statements made in this
report and presented elsewhere by management from time to time.  Reference is
also made to uncertainties discussed in the following portions of the
Partnership's annual report on Form 10-K for the fiscal year ended December 31,
1995:  (a) the subsections entitled "Sources of Payment", "Regulation and Other
Factors" and "Competition" in Item 2, within the "PROPERTIES" section, which
describe (i) the federal and state governmental involvement and discretion in
the funding and payment of Medicare and Medicaid payments that comprise a
significant portion of the Partnership's revenues, (ii) the federal, state and
local governmental regulation of healthcare facilities, including the
requirements of continued licensure, and (iii) the competitive conditions faced
by the Partnership, and (b) Item 7, "MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS."

Competition:  The profitability of retirement communities is subject to general
economic conditions, competition, the desirability of particular locations, the
relationship between supply of and demand for senior living facilities, and
other factors.  The Partnership's retirement communities are generally located
in markets that contain numerous competitors, and the continued success of the
Partnership's retirement communities in their respective markets will be
dependent, in large part, upon those facilities' ability to compete in such
areas as access, location, quality of accommodations, amenities, specialized
services and rate structure.

Facility Expansion:  The timing and success of the planned expansion of the
Partnership's existing retirement communities is dependent upon a number of
factors, including without limitation the amount and timing of cash flow from
operations to fund the expansion, the ability to obtain required zoning
variances and permits from local governmental authorities and the timing
thereof, whether development and construction costs are higher or lower than
anticipated, whether construction is completed faster or slower than
anticipated, whether newly added living units are occupied faster or slower than
anticipated, whether rental rates for additional living units are higher or
lower than anticipated, and whether operating costs are higher or lower than
anticipated.

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                                                                    EXHIBIT 99.1
                                                                    (continued)

                          IMPORTANT FACTORS REGARDING
                          FORWARD -LOOKING STATEMENTS

Availability of Financing: The Partnership presently intends to finance the
planned expansion of its existing retirement communities out of the
Partnership's cash flow from operations. If cash flow from operations is
insufficient to complete such expansion on a timely basis, the expansion may be
delayed, reduced in scope or discontinued. The Partnerships' long-term financing
agreement restricts the ability of the Partnership to obtain third-party
financing above $1 million in the aggregate, and prohibits the imposition of
liens on the Partnership's assets. There can be no assurance that a waiver could
be obtained from the lender to permit any third-party financing, or whether,
when and on what terms any such financing may be available.
 

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