Welltower, a Toledo, Ohio-based investor of healthcare and senior living assets, has recently expanded its Bay Area presence.
In a transaction that took place on Aug. 25 but only recently recorded, the investment company purchased Byron Park, a 187-unit assisted living facility in Walnut Creek, for $101.2 million, or about $541,176 per unit. The property was sold by PGIM Real Estate, according to public records reviewed by The Registry.
Located at 1700 Tice Valley Boulevard, the 232,529 square foot senior community offers a mix of studio, and one-bedroom apartment options as well as options for those seeking independent or assisted living.
The property is also conveniently located near a number of senior care services, medical offices and other retirement communities. Additionally, the property is a short drive from Interstate 680 and State Route 24, connecting the area to the rest of the Bay Area.
In 2017, PGIM Real Estate paid $77 million for the property in partnership with Kisco Senior Living, according to previous reporting from The Registry. With the most recent acquisition, Kisco Senior Living will maintain its operations at Byron Park.
Kisco’s new institutional partner, Welltower, specializes in the acquisition of senior living communities throughout the United States. To date, the company has made $2.5 billion worth of gross investments, acquiring 70 properties and 7,500 senior housing units.