Real estate investment manager Clarion Partners recently acquired a 586-unit California apartment portfolio of three senior housing communities in an off-market transaction for $100 million.
The acquisition consists of the 115-unit Buena Vida at Town Center in Rancho Santa Margarita, the 264-unit Village on the Green in Rancho Cucamonga, and the 207-unit Oak View at Sonoma Hills in Sonoma County.
“With this acquisition, we are targeting one of the strongest segments of demand within the current real estate market – senior housing units suitable for the aging Baby Boomer population,” said Richard Pink, Managing Director at Clarion Partners in a statement.
The senior population is increasing rapidly as baby boomers turn 65, and the percentage of senior households choosing to move to senior housing grows–most recently at a rate of approximately 4% per year, Clarion pointed out.
The communities all have occupancy rates above 95%, and the transaction was facilitated by Marcus & Millichap.
Written by Alyssa Gerace