Clarion Partners acquired two assisted living facilities for $64.5 million from Kisco Senior Living.
The portfolio sale includes two properties based in California, the Village on the Green and the Buena Vida Apartments.
Village on the Green is a 264 unit complex in Rancho Cucamonga, CA, that was 97 percent occupied at time of sale and closed for a consideration of $43 million.
The Buena Vida Apartments is a 115-unit property in Rancho Santa Margarita for $21.5 million.
The deal is the first of a three-property portfolio of senior living apartment complexes that Kisco plans to unload. The whole portfolio is valued at about $100 million.
The seller wants to refocus capital and operations to assisted living facilities. The buyer was drawn to this portfolio because they currently own another property in the area. The properties will continue to be managed by a third party, ConAm.
The deal closed all cash with no plans to finance after close.