Clarion Partners Buys 2 California Senior Communities
JLL Capital Markets arranged the deal.
MBK Senior Living has sold two communities in Central Valley, Calif., totaling 198 units—The Commons on Thornton in Stockton and The Commons at Union Ranch in Manteca. Clarion Partners purchased the assets on behalf of one of its commingled funds. JLL arranged the transaction on behalf of the seller.
Clarion’s portfolio encompasses roughly 1,350 properties across the U.S. and Europe. The firm’s assets in the alternative real estate sector—which includes senior housing—make up 7 percent of the total.
In a recent white paper, Clarion analyzed the current status of the senior housing market and identified several potentially overlooked opportunities within the sector. Newly completed properties experiencing financial and occupancy difficulties could represent solid investments, the paper showed.
Two California senior communities
The Stockton property came online in 2004 on some 4 acres at 10711 Thornton Road. The two-story building comprises studio, one- and two-bedroom assisted living apartments, as well as memory care studios, totaling 100 units. Floorplans range from 281 to 867 square feet.
Trinity Urgent Care & Occupational Health is 2 miles west, while Sutter Health General Hospital is 3 miles south. Downtown Stockton is less than 10 miles away.
READ ALSO: Why Senior Housing Is a Beacon of Hope Amid Economic Uncertainty
The 98-unit Commons at Union Ranch opened in 2008 at 2241 N. Union Road in Manteca. The two-story building comprises studio, one- and two-bedroom assisted living units, as well as memory care studios and suites. Floorplans at the property range from 254 to 885 square feet.
Golden Valley Health Centers Medical Center and Urgent Care are less than 2 miles southeast. Downtown Manteca is within 3 miles.
Both senior communities are pet-friendly and smoke-free. Each property has a fitness center, beauty and barber salon, dining room, library and bistro, while services include housekeeping, laundry and transportation.
Upon closing the deal, occupancy at the two communities was at 94 percent and 97 percent, respectively. JLL Senior Managing Director Aaron Rosenzweig and Senior Director Dan Baker led the team that represented the seller.
