Artemis Buys Senior Housing Property in Silicon Valley
The seller will continue to operate the community.
Artemis Real Estate Partners has purchased Atria at Foster Village, a 155-unit senior housing community located in Foster City, Calif. The community sold for about $61 million, according to The Registry.
Atria Senior Living, the facility’s previous owner, will continue to operate the community under its Atria Signature Collection brand. A JLL Seniors Housing Capital Markets team brokered the transaction.
Atria at Foster Square offers a combination of independent living, assisted living and memory care options spread over studio, one- and two-bedroom living arrangements.
Amenities at the community include a theatre, fitness center, library, courtyard and activity rooms. Each apartment contains a kitchenette, with some units including a balcony or patio.
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Located at 707 Thayer Lane in the Silicon Valley region, the property is situated just off California Route 92 and within 2 miles of the Bridgepointe Shopping Center, which includes retail outlets like Target, Hobby Lobby and Marshalls. San Francisco International Airport is about 9 miles away.
Senior housing market continues to improve
Senior housing is expected to be one of the most profitable real estate asset classes, according to NIC MAP data.
Occupancy in the senior housing sector hit 88.1 percent in the second quarter of this year, an 80-basis-point increase over the previous quarter. This marks the 16th consecutive quarter of improvement in the sector, according to NIC.
The average asking rent for senior housing recently exceeded $5,600, the highest average rent in history. Annual rent change appears to have normalized, according to NIC MAP data, and is hovering between 4 percent and 4.2 percent.
