Senior Housing Portfolio Sold for $382 Million Includes Corona Facility
Corona, CA – Cushman & Wakefield Senior Housing Capital Markets, acting as exclusive advisor to San Diego-based West Partners, has arranged the sale of the West Living Portfolio, a collection of nine top-quality senior housing communities located in the Western U.S. The Portfolio consists of approximately 1,200 units with property locations in Corona California, Washington and Arizona. The portfolio was acquired for $382 million. The buyer, MBK Senior Living, is a leading national operator of senior housing communities based in Irvine, California. The transaction closed in early July 2018.
Featuring nine high-quality senior housing properties, the West Living Portfolio includes one property in the Seattle area, one in the Phoenix area, three in southern California and four in central California.
The sale included the Corona location of Estancia Del Sol, a 75,000 sf senior living facility built in 2014. Corona senior living at Estancia Del Sol offers a host of stimulating and luxurious features and amenities to help older adults experience Inspired Aging. You can find out more at http://www.westliving.net/estancia-del-sol/.
MBK Senior Living plans to conduct further renovations as well as take advantage of the proximity of the properties to its other owned/managed properties.
In addition to the sale, Cushman & Wakefield exclusively represented the buyer on approximately $30 million in acquisition financing for two of the nine assets. The financing was provided by a regional bank.
The Cushman & Wakefield team involved in the transaction included Vice Chair Richard Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig and Associates Sam Dylag and Alex Petrosian.
“With excellent locations such as Scottsdale, Bellevue and Thousand Oaks, coupled with product and geographic diversity, the West Living portfolio represents one of the strongest western senior housing portfolios in the country,” noted Swartz. “We are thrilled with the execution for our client and are equally excited for MBK to now own and successfully operate this incredible portfolio.”
About MBK Senior Living
MBK Senior Living (“MBK”) owns, operates and develops senior living communities providing standalone services or a combination of Independent Living, Assisted Living and Memory Care services. For over 20 years, they have focused on building an experienced operations team whose skilled management adds value to both their existing community assets and new acquisitions. For more information, please visit https://www.mbkseniorliving.com/
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.