Blueprint Arranges $39M Sale of 198-Unit Community in California for Redevelopment

by Jeff Shaw

ROSEVILLE, Calif. — DiNapoli Capital Partners, a California-based investment firm, has purchased The Terraces of Roseville, a 198-unit independent living, assisted living and memory care community in the Sacramento suburb of Roseville, for $39 million.

Blueprint Healthcare Real Estate Advisors represented the seller, a New York-based private investment group, in the sale. Westmont Senior Living will continue to operate the community after the sale.

CBRE Multifamily Capital arranged acquisition financing for DiNapoli. The nonrecourse Fannie Mae loan was for $30.2 million with 5 years of interest-only payments.

The Terraces of Roseville was built in 1987 and sits on a 4.1-acre parcel. The community was sold out of bankruptcy as a value-add property.

The proposed repositioning includes capital investment and/or a substantial expansion on the site as well as adjacent 1.3-acre parcel.

The sale price equates to approximately $197,000 per unit and a capitalization rate of 6.8 percent based on in-place operating income.

Blueprint’s Christopher Hyldahl was the lead advisor on the transaction and was supported by Gideon Orion and Mike Segal. Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Aron Will, executive vice president of CBRE National Senior Housing, arranged the acquisition financing.

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