Los Angeles – Oct. 11 2016 – CBRE Capital Markets’ National Senior Housing team announced that it has arranged the sale of a 19-property senior housing portfolio to Welltower Inc. for $1.15 billion, or approximately $445,000 per unit.
The 2,590-unit senior housing portfolio includes a combination of Assisted Living, Independent Living and Memory Care units. Eighteen of the communities are located in California; one community is located in Tacoma, Washington.
Matthew Whitlock, executive vice president, together with partners Lisa Widmier, executive vice president, and Aron Will, vice chairman, represented the sellers, affiliates of Vintage Senior Living and their private investor partners.
“This transaction represents one of the most significant portfolios of first-class, institutional-grade senior housing platforms on the West Coast,” said Mr. Whitlock. “Concentrated in core markets in Northern and Southern California, many of the communities boast irreplaceable locations and will provide the new owner with an unmatched presence in the Greater Los Angeles and San Francisco Bay areas.”
The portfolio will be operated by existing operating partners of Welltower, Inc. Senior Resource Group will operate 11 of the communities, Sunrise Senior Living will operate seven of the communities, and Silverado will operate one community.
“Vintage has been an excellent client throughout our relationship with them. They were extremely efficient throughout this process, providing appropriate diligence material while still maintaining first-class operations at the property level,” Mr. Whitlock added.
CBRE’s National Senior Housing team consists of 16 professionals with more than half a century of combined senior housing experience. CBRE’s 2015 Senior Housing transaction volume of $2.8 billion (combined debt and sales) represented 20 percent of the estimated volume for the entire senior housing intermediary industry in 2015. With more than $3.6 billion in combined volume year-to-date, 2016 deal flow has already exceeded 2015.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
