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AcquisitionsCaliforniaNews

SLIB Arranges Sale of Senior Care Villa of Loomis in California

by Jeff Shaw

LOOMIS, Calif. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Senior Care Villa of Loomis. The facility consists of 26 units and was built in 2000. It totals approximately 15,000 square feet and on 2.5 acres of land in Loomis, 25 miles northeast of Sacramento. The seller was a family owner-operator seeking to retire. The buyer is a Southern California-based investment group looking to expand its portfolio within the state. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. …

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AcquisitionsCaliforniaNews

SLIB Negotiates Sale of 144-Unit Community in Oceanside, California

by Jeff Shaw

OCEANSIDE, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Merrill Gardens Oceanside. The 144-unit independent living, assisted living and memory care community is located in Oceanside, a coastal city between Los Angeles and San Diego. The community was built in 1999, totaling approximately 96,905 square feet on 4.4 acres of land. The seller was an East Coast-based private equity firm. The buyer is a Southern California-based investment group, with this being their first seniors housing acquisition. The price was not disclosed. Jason Punzel, Brad Goodsell and …

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CaliforniaCompany NewsNewsOperationsWashington

Sabra Transitions Operations of 24 West Coast Skilled Nursing Facilities to Ensign, Avamere

by Jeff Shaw

IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA), an Irvine-based investor, plans to transition a 24-property portfolio previously leased to North American Health Care Inc. to two of Sabra’s existing tenants: The Ensign Group (NASDAQ: ENSG) and the Avamere Family of Companies. Ensign will add 20 properties located in California to two master leases with Ensign operating companies with initial terms of 18 and 20 years, each with an accompanying corporate guarantee from Ensign. The initial annual rent attributable to the 20 properties will be $29.4 million, with …

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CaliforniaDevelopmentNews

South Bay Partners Completes 336-Unit The Variel of Woodland Hills in Los Angeles

by Jeff Shaw

LOS ANGELES — South Bay Partners has completed construction of The Variel of Woodland Hills, a luxury independent living, assisted living and memory care community in the Woodland Hills neighborhood of Los Angeles. The property features 215 independent living units, 94 assisted living units and 27 memory care units. Momentum Senior Living is the operator. VTBS Architects designed the buildings, while Rodrigo Vargas Design handled the interiors. W.E. O’Neil Construction was the general contractor. The site is located near Warner Tennis Center, grocery stores and Kaiser Permanente Woodland Hills Medical …

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AcquisitionsAffordable HousingCaliforniaNews

Joint Venture Acquires 165-Unit Woodbridge Manor Affordable Community in Irvine, California

by Jeff Shaw

IRVINE, Calif. —Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least …

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AcquisitionsCaliforniaNewsSkilled Nursing

ESI Arranges $25M Sale of Skilled Nursing Facility in Anaheim, California

by Jeff Shaw

ANAHEIM, Calif. — Evans Senior Investments (ESI) has arranged the sale of a 138-bed skilled nursing community in Anaheim for $25 million. A local owner-operator sold the asset to an East Coast-based real estate holding company, which will lease the property to a local operator. The purchase price equates to $181,159 per bed. At the time of marketing, the community was 96 percent occupied and making over $2 million per year in net operating income. The facility also holds a contract for over 50 therapeutic residential care beds. Matt Jassak …

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CaliforniaFinanceNews

CBRE Provides $16.2M Refinancing for 97-Unit The Oaks at Nipomo in California

by Jeff Shaw

NIPOMO, Calif. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and feature 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged …

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AcquisitionsCaliforniaNews

Blueprint Negotiates Sale of Hollybrook Senior Living in Santa Ana, California

by Jeff Shaw

SANTA ANA, Calif. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Hollybrook Senior Living in the Orange County city of Santa Ana. The community was operating with below-market-rate rents despite upgrades in 2011. Blueprint marketed the community’s value to incoming investors by highlighting the historical performance and the potential operational upside for a local owner-operator with regional focus. Blueprint further illustrated the community’s financial improvements through continued physical plant refresh efforts and raising new resident rates to market. An owner-operator looking to exit its only seniors housing …

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Affordable HousingCaliforniaDevelopmentNews

Standard Communities Leads Public-Private Development of $55M Affordable Community in San Ramon, California

by Jeff Shaw

SAN RAMON, Calif. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business …

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Affordable HousingCaliforniaDevelopmentFinanceKeyBankNews

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Jeff Shaw

SAN YSIDRO, Calif. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will be restricted to …

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