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4/27/15
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DiNapoli Capital Partners (DCP) has acquired Alta Manor seniors community in Roseville, CA, for $16.55 mil. For Walnut Creek-based DCP, the deal represents their fourth senior housing acquisition.
Built in 2008, Alta Manor is located at 930 Oak Ridge Dr. It comprises 86 units, 60 of which are designated for assisted living residents and 26 of which are designated for memory care / dementia residents. Community amenities at Alta Manor include landscaped gardens and courtyards, a scenic nature trail, library, lounge, private banquet room, and beauty salon.
The community, located northeast of Sacramento, expanded from just 70 units in 2008 and is over 70% occupied. DCP plans to reposition the property within the market, change the product mix and spend a substantial amount of capital expenditures including items such as unit renovations, common area upgrades, improved signage and FF&E in order to meet resident expectations within the Roseville marketplace.
DCP plans to reposition the property within the market, change the product mix and spend a substantial amount of capital expenditures including items such as unit renovations, common area upgrades, improved signage and FF&E in order to meet resident expectations within the Roseville marketplace.
Mike Garbers, a Managing Director of Greystone Real Estate Advisors, was involved in brokering the sale.
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