Grubb & Ellis Sells Montecito Assisted Living Building in Santa Ana for $5.3 Million

Grubb & Ellis Company (NYSE: GBE), a real estate services and investment firm, today announced that its Senior Housing practice group represented both parties in the sale of the Montecito Assisted Living building, located at 2025 N. Bush St. in Santa Ana.  Robertson Property Group purchased the building out of foreclosure for $5.3 million.  The senior housing building was reconstructed in 2008 and consists of 75 units, with monthly rental rates ranging from $1,200 to $3,800 per unit.  The facility was 95 percent leased at the time of sale.  In addition to traditional assisted living care, such as 24-hour emergency call systems, shuttle busses and meal, housekeeping and laundry services, Montecito Assisted Living offers residents Alzheimer care.

Grubb & Ellis Senior Housing practice group members Alan Ursillo, senior vice president and national director, Robert Black, associate vice president, and Sean McNee, associate, facilitated the transaction. The team members are also a part of the company’s Investment Services Group.