Wednesday, October 12, 2011

$100 Million Seniors Housing Portfolio Sale Closes in California

NEWPORT BEACH, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of three multifamily properties in California.

Village on the Green Apartments (top left photo), a 264-unit property in Rancho Cucamonga, sold for $43 million, which represents $162,264 per unit.

Buena Vida at Towne Center (middle right photo)in Rancho Santa Margarita, a 115-unit property, traded for $21.5 million or $186,957 per unit.

Oak View of Sonoma Hills (middle left photo) a 207-unit a property in Rohnert Park, traded for $35.5 million, which represents $170,673 per unit.

The properties were sold by Kisco Senior Living and purchased by Clarion Partners. The Clarion Partners acquisition team was led by Richard Pink and Khalid Rashid. The lead Marcus & Millichap agent was John L. Nguyen (lower right photo), a vice president investments in the firm’s Newport Beach office.

Alexander Garcia, Jr., a senior vice president investments in the firm’s Ontario office, and Brad Pennington (bottom left photo), a first vice president investments in San Francisco, also provided representation.

“These properties feature amenities designed for individuals with active lifestyles, including on-site state-of-the-art gyms, in-house theater-style projection rooms and weekly activities,” says Nguyen. “They are truly the ‘best in class’ and have performed very well during the recession with little to no rent compression.”

Village on the Green Apartments is at 9400 Fairway View Place in Rancho Cucamonga, which is in San Bernardino County.

 The property is surrounded by the fairways of Empire Lakes Golf Course and is within close proximity of the Victoria Gardens Mall, the Ontario Convention Center and the James L. Bruite Senior Center.

The Ontario Mills shopping mall and the Citizen’s Bank Arena are within walking distance. The 55-plus apartment community features a 9,000-square foot clubhouse and wellness center, a resort-style pool and spa, a fitness center, picnic area, library, game room and a business center. Each unit has central air conditioning and heating, full-size stackable washer and dryer, refrigerator, microwave and private patio and balcony.

Buena Vida at Town Center is a resort-style apartment community for active adults located at 30824 La Miranda in Rancho Santa Margarita in southeastern Orange County. Rancho Santa Margarita is a master-planned community that provides residents with city amenities in a small-town setting.

Community amenities at Buena Vida at Town Center include controlled access, full covered parking, a business center, clubhouse, swimming pool and spa and six onsite laundry facilities. Units feature above-standard ceiling height, central heating and air conditioning and fully appointed kitchens.

Located at 1350 Oak View Circle in Rohnert Park, Oak View of Sonoma Hills is the premier luxury rental community for active seniors in Sonoma County. The four three-story buildings are of stylish Craftsman-style architecture and are built around beautifully maintained grounds with superbly appointed apartment homes that have been designed specifically for residents age 55 and better.

The focal point of the community is a 9,000-square foot clubhouse and wellness center that offers residents a resort pool and spa, fitness center, movie theater, library and business center, gourmet kitchen and lounge, arts and crafts room, covered porch with outdoor fireplace, outdoor gas barbecue and on-site salon and spa.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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