The CB Richard Ellis (CBRE) Senior Housing Group recently announced the sale of The Sterling at Vintage Hills senior living community in Temecula, California for $27,150,000. The property, located on 10 acres, has a 152 unit community which offers Independent Living, Assisted Living and Memory Care Living. The property was 95% occupied at the time of the sale and includes an adjacent nine-acre parcel for future development. David Rothschild, Matthew Whitlock and Mary Christian of the CB Richard Ellis National Senior Housing Group represented the seller, an affiliate of MBK Senior Living of Irvine, Calif. and procured the buyer, Washington D.C.-based CSH.
“This was a smooth transaction as the buyer and seller have a strong previous relationship,” Rothschild said. “There was a tremendous amount of interest in the asset and bidding was very competitive due to the location in Southern California, the institutional quality of the asset and the overall lack of performing Class A senior housing assets in the marketplace for sale.”