AEW Capital Management Buys Campbell Senior Residences for $88MM

AEW Capital Management, Campbell, Bay Area, Merrill Gardens, Silicon Valley senior housing

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Merrill Gardens at Campbell, an upscale senior residence development located at 2075 S. Winchester Blvd. in Campbell, was recently acquired by Boston-based AEW Capital Management for $88 million, or nearly $603,000 per unit. The sale closed on September 7, 2016, according to a report by the Silicon Valley Business Journal.

The two-building site totals nearly 150,000 square feet and 146 senior living apartments that range from studios, one and two bedroom apartments. The facility provides independent living, assisted living, memory care and respite care services and is located in close proximity to Good Samaritan Hospital and Kaiser Permanente Medical Center.

The seller was Seattle-based Merrill Gardens, a privately held operator of senior living homes across western United States and Alabama and Georgia. The company operates 9 additional facilities in California, including three facilities in Northern California in Gilroy, Lafayette and San Jose.

AEW has been an active player in senior housing, and in April of this year the company launched its latest senior housing fund, AEW Senior Housing Investors III, according to a filing with the US Securities and Exchange Commission. One of its investors is the Teacher Retirement System of Texas, which made a $150 million commitment to the fund earlier this year.

West Coast Commercial Real Estate News