Capitol Seniors Housing recently purchased an assisted living/memory care community located in Escondido, Ca. for $9.5 million with the help of its capital partner and lender, Capital Funding Group.
The Southern California community, Garden Park Villas, has 89 units, 59 of which are currently assisted living. However, Capital Seniors Housing plans to convert up to 12 assisted living units into memory care, changing the unit mix to 47 assisted living and 42 memory care units.
“Garden Park Villas gets CSH back to its roots. When we started the group in 2003, we only acquired properties opportunistically for the first five years. These were communities with good ‘bones’ but in dire need of a repositioning and some TLC! Garden Park Villas is one of those communities,” said Scott Stewart, Managing Partner of CSH, in a statement.
Integral Senior Living will operate the community, which was obtained with HUD debt financing featuring a 40-year amortization and a 3.47% interest rate. At time of sale, Garden Park Villas had an approximately 76% occupancy rate.
Written by Alyssa Gerace