Two California senior housing properties have recently been bought in a transaction coordinated by CB Richard Ellis National Senior Housing Group. The facilities, located in Beverly Hills and Livermore, Ca., sold for $31,925,000.
The Beverly Hills facility, BridgePoint, was built in 2000 and has 60 independent and assisted living units. Rosewood Gardens, build in 1974, has 64 independent or assisted living units, with an additional 18 units recently converted into a secured dementia wing.
CBRE represented the seller, AEW Capital Management, and procured the buyer, Watermark Retirement Communities, which is an affiliate of The Freshwater Group. Watermark’s acquisitions bring the number of communities it will manage to 27, with a total of nearly 6,500 units. The company owns nine of those assets, as well as three regional home health agencies.
Demand was high for these facilities, evidenced by competitive bidding.
“Bidding was strong due to the strong southern and northern California locations, especially the Beverly Hills asset, which is irreplaceable and has tremendous barriers to entry,” says David Rothschild of CBRE Senior Housing Group, adding that this bodes well for the long term success of the community.
Written by Alyssa Gerace