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7/09/18
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MBK Senior Living closed on a major West Coast res buy, paying $382 mil for the West Living Portfolio, a collection of nine top-quality senior housing communities located in CA, WA and AZ. The properties, totaling about 1,200 units ($318k/unit), were sold by San Diego-based West Partners.
Bellevue, WA asset acquired in this deal |
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Featuring nine high-quality senior housing properties, the West Living Portfolio includes one property in the Seattle area, one in the Phoenix area, three in southern California and four in central California. Assembled primarily through acquisition, the stabilized portfolio also includes West Living’s first newly developed property. Under West Living’s management, the portfolio underwent $25 mil of capital improvement, and as of last measure reported portfolio occupancy over 90%.
MBK Senior Living plans to conduct further renovations as well as take advantage of the proximity of the properties to its other owned/managed properties.
Based in Irvine, MBK Senior Living, is a leading national operator of senior housing communities. A Cushman & Wakefield team that included Vice Chair Richard Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig and Associates Sam Dylag and Alex Petrosian, represented the seller in the transaction.
In addition to the sale, Cushman & Wakefield exclusively represented the buyer on approximately $30 mil in acquisition financing for two of the nine assets. The financing was provided by a regional bank.
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