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2/12/24
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A 201-bed senior housing facility in the central San Fernando Valley was acquired for $23.5 mil ($117k/bed) by an entity of California Healthcare & Rehabilitation Center, who was the tenant at the property. The buyer will continue to occupy the asset. The 49.8k sf property sits on just over two acres at 6700 Sepulveda Blvd in Van Nuys.
Peter Sherman and Keith O’Donnell with Avison Young represented the seller, Boca Raton-based Pinnacle Holdings of Florida, Inc. According to Sherman, senior housing operators provided the strongest buyer pool due to the higher costs of construction and capital required for development, making the existing tenant a sensible candidate as the buyer.
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