ROHNERT PARK -- Oak View of Sonoma Hills, a 207-unit apartment complex for seniors, was part of a $100 million sale of nearly 600 units in three such properties to a New York-based investor.
An affiliate of Clarion Partners LLC purchased these three properties from Kisco Senior Living:Oak View sold for $35.5 million, or $170,673 a unit, according to Marcus & Millichap, which brokered the off-market deal.Village on the Green Apartments, with 264 units in Rancho Cucamonga, sold for $43 million, or $162,264 a unit.Buena Vida at Towne Center, a Rancho Santa Margarita property with 115 units, sold for for $21.5 million, or $186,957 a unit.
“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, Clarion managing director. “These three properties are all best-in-class, with substantial amenities and excellent locations in the highly desirable California market.”
All the properties are more than 95 percent occupied, according to Clarion.
Oak View, located at 1350 Oak View Cir., has four three-story Craftsman-style apartment buildings. A 9,000-square foot clubhouse and wellness center has a pool, spa, salon, fitness center, movie theater, library, business center, kitchen, lounge, arts and crafts room and a covered porch with outdoor fireplace and gas barbecue.
John Nguyen and Alexander Garcia Jr. of Marcus & Millichap brokered the deal.