Care Senior Living paid $5.6 million for a 55 unit asslisted living facility located in Costa Mesa, CA.
Purchased from two local investors, the facility has 112 beds and was approximately 50% leased at the time of sale said a statement from Grubb & Ellis, the firm representing the sellers.
Grubb & Ellis Senior Housing practice group members Alan Ursillo, senior vice president, Investment Services and director of the Senior Housing Group, Robert Black, associate vice president, Investment Services and Sean McNee, associate, Investment Services, represented the owners in the transaction.
The facility operates as Costa del Mar and offers assisted living and memory care. Remodeled in 1992, the property is adjacent to the Orange County Fair Grounds, in proximity to a number of retail stores and restaurants. It is also near Highway 55, California State Route 73 and Interstate 405, as well as Hoag Memorial Hospital.