By Meghan Hall
Ongoing rent increases and a booming Bay Area economy continues to fuel investors’ decisions to pay top-dollar for multi-family assets throughout the San Francisco Bay Area. In August of 2018, Cadence Senior Living purchased the Marymount Greenhills Retirement Center at 1201 Broadway in Millbrae. The property is now called Cadence Millbrae. The 188-unit senior assisted living facility development was sold by a group of private investors for $32 million, for around $170,213 per unit, according to public documents.
The property offers one bedroom apartments, studios and private or shared suites. According to Seniorly, a website that specializes in gathering data on senior living facilities, rents range from $2,500 per month to $4,600, depending on the size of space and other assisted living costs. The facility also offers basic medical assistance and transportation services to its residents.
1201 Broadway is located a block off of El Camino Real, a major thoroughfare lined with commercial business and restaurants such as the Millbrae Pancake House, a Firestone Auto Care and a Trader Joe’s. The property is well situated due to its close proximity to both San Francisco International Airport, which is a ten minute drive away, and downtown San Francisco itself, which can be reached in 25 minutes by car. The Westborough Square shopping center is on the way into San Francisco and is 15 minutes away.
The development’s Walk Score is a 79 out of 100; the score measures the walkability of any address and its access to transportation and nearby retailers. The site’s score is considered “very walkable,” meaning that most errands can be accomplished without the use of a car. Several transportation-oriented developments near the facility are planned for the future. One such project, the Gateway at Millbrae Station plans to add around 400 residential units, and up to 150,000 and 45,000 square feet of office and retail space, respectively.