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8/21/19
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HW Senior Living Apartments, a 310-unit independent living community in Westminster, CA, traded hands in a recent $71 mil ($229k/unit) transaction. The asset, located at 13920 Hoover St, was purchased by an experienced senior housing owner/operator.
Built in 1986, the four-story property is located near Beach Blvd and Westminster Blvd, The “pride of ownership” community features one-of-a-kind beautifully manicured common areas with colorful flower beds lining the walking paths and two calming streams.
Services at the complex include: wi-fi at pool and clubhouse; laundry facilities; controlled access; maintenance on-site; planned social activities; and public transportation. The shared outdoor spaces offer a cabana, courtyard and BBQ grill.
Joe Leon and Michael Thagard of Berkadia represented the seller, California-based Zinn Group. The buyer intends to maintain the community in the same pristine manner in which the Zinngrabe family has for over 30 years.
“In the last 30 years, only six non-assisted senior living communities have been built within the greater Westminster/Huntington Beach submarket, and consequently, occupancies are above 98 percent,” said Leon.
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