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CaliforniaDevelopmentNews

Partnership Breaks Ground on 132-Unit Seniors Housing Project in Mission Viejo, California

by Jeff Shaw

MISSION VIEJO, Calif. — Denver-based Confluent Senior Living, Scottsdale, Ariz.-based Concord Development Partners and Denver-based MorningStar Senior Living have broken ground on MorningStar of Mission Viejo, a 132-unit seniors housing community. The property will be situated at the former Avery Plaza business center at the intersection of Marguerite and Avery parkways in Mission Viejo. Slated to open in early 2023, the community will feature independent living, assisted living and memory care units. The property will offer studio, one- and two-bedroom suites, as well as 126 below-grade parking spaces. Community amenities …

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Assisted LivingCaliforniaDevelopmentNews

Atria Opens 200-Unit Community in San Jose

by Jeff Shaw

SAN JOSE — Atria has completed construction of Atria Almaden, a 200-unit seniors housing community in the Almaden neighborhood of San Jose. The property is located near Almaden Lake Park, Santana Row and the San Pedro Square Market. The four-story community offers assisted living and memory care. Atria opened the community with aggressive infectious disease control measures under a health and safety initiative. The company vaccinated its first residents and staff on Dec. 21 and has now vaccinated more than 30,000 resident and staff across the U.S.

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Affordable HousingCaliforniaDevelopmentNews

USA Properties Starts Construction of $114M Multifamily Complex in Simi Valley, California

by Jeff Shaw

SIMI VALLEY, Calif. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters. Vintage at Sycamore will feature 99 apartments for seniors earning …

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AcquisitionsCaliforniaNewsSkilled Nursing

CareTrust REIT Acquires Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties Fund Starts Construction of $80M Vintage at Woodman Affordable Community in Los Angeles

by Jeff Shaw

LOS ANGELES — USA Properties Fund Inc. has started construction of Vintage at Woodman, a 239-unit affordable seniors housing community in the Panorama City neighborhood of Los Angeles. Units will be restricted to residents at least 55 years old that meet a range of income limits, via the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program. With the Mixed-Income Program, renters earning 50 percent to 80 percent of the area median income — about $45,000 to $72,000 for …

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AcquisitionsCaliforniaCCRCNews

CareTrust REIT Acquires Four CCRCs in California for $126.1M

by Jeff Shaw

CAMARILLO, CARLSBAD, RANCHO MIRAGE and SAN JUAN CAPISTRANO, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in …

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CaliforniaNewsOperationsPeople

Kisco Senior Living Hires Ricardo Romero as Executive Director at Drake Terrace in San Rafael, California

by Jeff Shaw

SAN RAFAEL, Calif. — Kisco Senior Living has named Ricardo Romero as the new executive director of Drake Terrace in the Bay Area city of San Rafael. Romero brings more than 13 years of senior living experience to his new role. He has held multiple positions at senior living communities across the Bay Area, including business office manager, concierge manager and activities director. He previously served as the resident relations director at Byron Park, a sister community to Drake Terrace. Romero joined Kisco Senior Living in 2019. As executive director …

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CaliforniaCompany NewsFloridaNews

Industry Veterans Douglas Brawn, Scott McCorvie Launch Alta Senior Living Brand

by Jeff Shaw

WEST PALM BEACH, Fla. — Former Welbrook Senior Living executive Douglas Brawn has announced the creation of a new seniors housing investment, development and operations company named Alta Senior Living. Based in West Palm Beach, with another office in Santa Monica, California, the company is slready seeking investment opportunities in Florida and California. Industry investment veteran Scott McCorvie recently joined the company as chief financial officer and executive vice president of investments “Senior living is going to experience exponential growth over the next five to 10 years, and I want …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Capital Purchases Grove Senior Apartments in Garden Grove, California for $19.8M

by Jeff Shaw

GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, a seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 …

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CaliforniaFinanceNews

Lument Provides $28M Fannie Mae Refinancing for La Vida Del Mar in Solana Beach, California

by Jeff Shaw

SOLANA BEACH, Calif. — Lument has provided a $28 million Fannie Mae refinancing for La Vida Del Mar, a 105-unit assisted and independent living community in Solana Beach, approximately 20 miles north of San Diego. The borrower is Senior Resource Group and its equity partner, Collins Development Co. Doug Harper of Lument’s Western region seniors housing and healthcare production team led the transaction. The loan features a 10-year term, five years of interest-only payments and 30-year amortization. In addition to refinancing existing debt, the closing provided cash-out proceeds.

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