LA-based Firm Acquires California Senior Community
Located in Wildomar, Calif., the project includes affordable housing units.
A private investment group based in Los Angeles has acquired a 284-unit senior housing community in Wildomar, Calif., from a local developer. Craig Thralls, who was represented by The Mogharebi Group, or TMG, sold the Wildomar Senior property for $28.5 million.
The Wildomar Senior housing community, which was built in 2000, is currently restricted to tenants 55 years or older. Ben Ketel, senior vice president at TMG, said in prepared remarks that Wildomar Senior had been a passion project for Thralls, who developed the community for his aging parents.
In prepared remarks, Ketel noted that the sale was a complicated transaction involving two separate properties on separate parcels of land, each with their own ground leases. Ketel added that the brokerage firm had to work with multiple government agencies and around several rent restrictions, but managed to land 99.3 percent of the original contract price.
Designed for active seniors
The fully-occupied community includes 176 independent senior housing units in one- and two-bedroom units, ranging from 535 to 620 square feet, while the 108 assisted living units measure 420 square feet. Wildomar Senior staff provide the assisted living units with housekeeping, full meals, programming and other services. According to TMG, the senior apartments are reserved for those making 60 percent of the area’s median income or less, while 22 of the assisted living units are reserved for those making 50 percent or less.
The units were built with open floor plans and fully-equipped kitchens, while common amenities include a pool, spa, senior center, and outdoor area with benches, gardening plots, walking trails and picnic areas with grills.
Located at 32365 S Pasadena St., the property puts residents within an hour’s drive of Los Angeles, Orange and San Diego counties. Wildomar Senior is also located near the Inland Valley Medical Center, which is an advanced primary stroke center and the only Level II Trauma Center in southwest Riverside County. According to TMG, Wildomar Senior is in good condition and does not require any renovation.