Welltower Acquires 10 NorCal Senior Housing Assets as Part of $1.15B Portfolio Investment

San Francisco, Pearlmark, Seattle, Mezzanine, Partners IV, Bay Area, Harvest Properties, Lowe Enterprises, Kinship Capital, Insight Realty, Resource America

Affordable Housing, Regional Planning, ABAG, MTC, Bay Area Council, Building Industry Association, Bay Area, San Francisco, displacementBy Jon Peterson

Toledo, Ohio-based Welltower Inc. has closed on acquisition of a $1.15 billion senior housing portfolio that includes 10 properties that are located in Northern California, according to sources familiar with the portfolio sale.

The properties in Northern California are:

  • Village Brush Creek in Santa Rosa, which sold for $21.9 million
  • Vintage Coventry in San Francisco, sold for $79.1 million
  • Vintage Golden Gate in San Francisco, sold for $71.2 million
  • The Kensington in Walnut Creek, sold for $87.8 million
  • Villa San Ramon in San Ramon, sold for $65.5 million
  • Villa Serra in Salinas, price not available yet
  • Vintage Silver Creek in San Jose, sold for $30.9 million
  • Sierra Pointe in Roseville, price not available yet
  • Vintage Sonoma in Sonoma, sold for $19.3 million
  • The Berkshire in Berkeley, sold for $15.5 million

All the sales prices were sourced from public documents.

The other assets in the transaction are mostly in Southern California. These properties are located in Cerritos, Placentia, Burbank, Laguna Woods, Mission Viejo, Simi Valley and Los Angeles. There is one asset in Tacoma, Wash., which goes by the name of Narrows Glen.

All of the properties in the portfolio are considered to be in high profile senior housing markets. They are located in areas with a growing population of seniors. The assets amount to 2,590 senior housing units. The average occupancy in the portfolio is in the mid 80 percent range.

The seller of the property were the affiliates of Vintage Senior Living and their private partners. This company was represented by the CBRE Capital Markets National Senior Housing team.

“This transaction represents one of the most significant portfolios of first-class senior housing platforms on the West Coast. Concentrated in core markets, many of the communities boast irreplaceable locations and will provide the new owner an unmatched presence in the Greater Los Angeles and San Francisco Bay areas,” said Matthew Whitlock, an executive vice president with CBRE in a prepared statement. He along with Lisa Widmier, executive vice president and Aron Will, vice chairman, worked on the transaction for the sellers.

The portfolio was shown to a limited group of buyers. Based upon the gross value of the portfolio, the investment opportunity was shown to a group of qualified investment entities with proven track records for acquiring large senior housing portfolios. The assets that were sold are a mixture of assisted living, independent living and memory care senior housing. The decision to sell the assets was made internally by the previous ownership group.

West Coast Commercial Real Estate News