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9/20/22
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A two-property, 118-unit senior affordable housing portfolio in San Jose traded hands in a recent $41.25 mil ($349.7k/unit) transaction. The assets -- Monte Vista Gardens Senior 1 and 2 -- were sold by ROEM Development, who built the properties in 2001 and 2003.
Located at 2605 La Hacienda Ct. and 2600 Nuestra Castillo Court, a block apart in northeast San Jose, the two- and three-story, controlled-access senior complexes include a community center with library and kitchen, garden/courtyard, solar panels, and laundry rooms.
Alex Mogharebi and Otto Ozen with The Mogharebi Group represented ROEM in the deal. According to Mogharebi, the Monte Vista Gardens Senior portfolio was a rare opportunity for the buyer to acquire high-quality assets in a sector supported by several strong demand drivers, including Baby Boomer demographics, the overall renter economy, and the universal need for affordable housing.
With 10,000 Baby Boomers projected to reach retirement age every day through 2030, the demand for senior housing should remain strong. Volumes in the second half of 2021 approached record highs as more than 21,000 units were absorbed across U.S. primary markets, which include the San Francisco Bay Area and Silicon Valley, according to the National Investment Center for Seniors Housing & Care.
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