Northwestern Mutual has sold Cortona Park, an assisted living community in Brentwood, Calif., for $39.2 million to a joint venture between Cogir and a national investment partner. JLL Capital Markets brokered the transaction. The new owner will operate the property under a new name—Cogir of Brentwood.
Built in 2007 on more than 4 acres, the pet-friendly community comprises a mix of studio, one- and two-bedroom apartments, averaging 761 square feet. All units feature granite counters, washers and dryers, and private balconies. Common-area amenities include a library, beauty shop, bistro, theater, billiards, fire side living room, community room with meeting space, swimming pool, courtyard and a garden. Residents also have access to concierge and postal services, a business center and special dietary services.
Located at 150 Cortona Way, the property is 30 miles from Stockton, Calif., and roughly 50 miles from San Francisco, and has direct access to John Marsh Heritage Highway. Several medical offices are situated within a 1-mile radius of Cogir of Brentwood, including John Muir Health Urgent Care Center. Dining and retail options are available in the surrounding area, along Balfour Road.
Managing Directors Charles Bissell and Cody Tremper, along with with Director Dean Ferris of JLL Capital Markets represented the seller in the transaction.
The effects of the pandemic on the senior housing market are waning, and according to a recent JLL survey, the sector is now in full recovery mode. Long-term demand and a stable market fueled by a generation of Baby Boomers that will soon retire are bound to support growing investor interest.