American Realty Capital REIT has purchased two senior living properties from MBK Senior Living for a total of $104.5 million, the companies announced last week.
The properties are both located in California and have occupancy rates of greater than 98%, with the transaction serving both companies with a “win,” according to CBRE’s Senior Living team, which arranged the deal.
MBK will continue to manage both properties on behalf of ARC, a non-traded REIT that has been active in acquiring senior living properties through its American Realty Capital Healthcare Trust offering, which has an estimated portfolio total of around $2 billion.
“We are extremely pleased to have forged a strategic partnership with American Realty Capital, and look forward to a long relationship with them,” said Terry Howard, President of MBK Senior Living.
The two MBK properties are Casa de Santa Fe in Rocklin, Calif. and Summerhill Villa in Santa Clarita, Calif., and are 98.7% and 98.4% occupied, respectively.
Casa de Santa Fe consists of 159 units, spanning 71 independent living, 64 assisted living and 24 memory care units. The community was built in 2001 on 10 acres; it comprises five buildings.
Summerhill Villa was also constructed in 2001. It was built on 4.25 acres of land and includes two three-story buildings. Summerhill includes 134 private pay units in total.
CBRE’s David Rothschild, EVP; Matthew Whitlock, SVP; and Mary Christiansen, SVP represented MBK Senior Living in the transaction.
“Due to the outstanding quality of the assets, superb California locations, and the professional manner in which MBK Senior Living operates these communities, we believe this transaction is a tremendous win – win situation for the both parties,” Rothschild said.
Written by Elizabeth Ecker