MBK Senior Living Acquires $382M Portfolio
- Jul 09, 2018
MBK Senior Living has acquired the West Living Portfolio for $382 million. The portfolio includes nine senior housing communities across California, Washington and Arizona, totaling 1,200 units. Cushman & Wakefield Senior Housing Capital Markets represented the seller, West Partners, in the transaction. The team also represented the buyer in arranging $30 million in acquisition financing for two of the nine assets.
Under the management of West Living, the portfolio underwent $25 million in capital improvements, bringing the properties to an occupancy of more than 90 percent. The new owner plans to continue renovations. The portfolio features the following properties:
- McDowell Village; Scottsdale, Ariz.; independent and assisted living
- Estancia Del Sol; Corona, Calif.; assisted living and memory care
- The Montera; La Mesa, Calif.; assisted living and memory care
- The Reserve at Thousand Oaks; Thousand Oaks, Calif.; assisted living
- Dale Commons; Modesto, Calif.; assisted living
- The Commons at Elk Grove; Elk Grove, Calif.; assisted living and memory care
- The Commons at Union Ranch; Manteca, Calif.; assisted living and memory care
- The Commons at Thornton; Stockton, Calif.; assisted living and memory care
- The Belletini; Bellevue, Wash.; independent and assisted living
Cushman & Wakefield’s Vice Chair Richard Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig and Associates Sam Dylag and Alex Petrosian represented the seller.
“John Rimbach and his team at West Living assembled an outstanding portfolio through a combination of acquisitions, development and redevelopment,” Swartz told Multi-Housing News. “The significant interest shown by the institutional senior housing investment market was a testament to the quality of these assets and the management structure. We are confident that MBK will have similar success as they continue to identify value-add opportunities in these great properties.”
Swartz and Wagner were also part of the team that arranged the sale of Woodland Terrace in Cary, N.C., a 176-unit independent living, assisted living and memory care community that was sold to a joint venture between Welltower and Kisco Senior Living, in April.