Exhibit (a)(1)(O)


FOR IMMEDIATE RELEASE
Contact: Shari Eastwood
Telephone Number: (866) 275-3707



   ARVP III ACQUISITION, L.P. ANNOUNCES EXPIRATION OF ITS SUBSEQUENT OFFERING
     PERIOD FOR UNITS IN AMERICAN RETIREMENT VILLAS PROPERTIES III, L.P. AND
           APPROVAL OF MERGER BY CALIFORNIA CORPORATIONS COMMISSIONER



COSTA MESA, C.A. - (BUSINESS WIRE) - June 28, 2004 - ARVP III Acquisition, L.P.
(the "Purchaser") announced today that the subsequent offering period following
the expiration of its offer to purchase all of the limited partnership units
(other than units owned by ARV Assisted Living, Inc. or its affiliates) of
American Retirement Villas Properties III, L.P., a California limited
partnership (the "Partnership"), expired, as scheduled, at 11:59 p.m. Eastern
time, on June 24, 2004. ARV Assisted Living, Inc., the general partner of the
Partnership, directly or indirectly wholly-owns the Purchaser, and is a
wholly-owned subsidiary of Atria Senior Living Group, Inc. The offer to
purchase, together with the related consent solicitation, was made pursuant to
the Purchaser's Offer to Purchase and Consent Solicitation Statement, dated
March 24, 2004 (the "Offer to Purchase"). The same price offered in the prior
offering period of $400.00 per Unit will be promptly paid for the Units tendered
during the subsequent offering period. The subsequent offer was made on the same
terms and was subject to the same conditions set forth in the Offer, except
that Units tendered during the subsequent offering period could not be
withdrawn.

As of 11:59 p.m., Eastern Time, on Thursday, June 24, 2004, approximately 60.7
Units were tendered during the subsequent offering period. Purchaser immediately
accepted all Units properly tendered, as they were tendered, during the
subsequent offering period and the tendering unitholders will be promptly paid.
Together with the 4353.714 Units previously acquired, in accordance with the
Offer, the Purchaser, together with its affiliates, owns approximately 76.2% of
the total outstanding Units.

The terms and conditions of the merger of Purchaser with and into the
Partnership described in the Offer to Purchase were approved and determined to
be fair by the California Corporations Commissioner following a fairness hearing
held on June 24, 2004. At the conclusion of the fairness hearing, the
Commissioner issued a permit authorizing the merger. Pursuant to the terms and
conditions of the merger which Purchaser and the Partnership intend to affect
each Unit (other than units held by ARV Assisted Living, Inc. or its affiliates)
not validly tendered in the offer or withdrawn or not validly tendered during
the subsequent offering period will be converted into the right to receive $400
cash as more fully described in the Offer to Purchase. Purchaser has submitted a
certificate of merger with the California Secretary of State. The merger will be
consummated upon the filing and effectiveness of this certificate of merger.
Purchaser expects the merger to close in July 2004. Following the closing of the
merger, unitholders who have the right to receive $400 cash per Unit pursuant to
the merger, will receive a letter of transmittal relating to the merger, and
valid completion and return of the letter of transmittal is a condition for
these unitholders to receive the merger consideration.


Certain statements in this press release may constitute forward-looking
statements. Forward-looking statements are not guarantees of future performance
or actions and involve risks and uncertainties and other factors that may cause
actual results or actions to differ materially from those anticipated at the
time the forward-looking statements are made. Subject to Rules 13e-3(d)(2),
13e-3(f)(i)(iii) and 13d-3(b) of the Exchange Act, neither the Purchaser nor any
of its affiliates undertakes any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future events
or otherwise.