NorCal Seniors Housing Property Sells
- Oct 04, 2012
Santa Rosa, Calif.—Oakmont Gardens, a 163-unit independent living and assisted living property in Santa Rosa, north of San Francisco Bay, has traded hands for an undisclosed price. It’s located at the entrance to Oakmont Village, a 55-plus development with 4,500 residents in 3,000 homes.
Irvine, Calif.-based MBK Senior Living was the buyer. Rob Reis, a senior associate in Marcus & Millichap’s National Seniors Housing Group, represented the MBK in the deal. He also provided representation to the seller, a large life insurance, pensions and asset management company.
MBK specializes in seniors housing. The Oakmont acquisition is its 16th property, bringing the overall company portfolio to a total of 2099 units. Earlier this year, the company bought a property in Arizona, and four properties in Utah last year.
Reis says that investor interest was intense. “We reached out to a large pool of qualified investors for Oakmont Gardens and received seven offers,” he notes. “The competitive bidding process produced a strong buyer backed by one the world’s largest corporations.”
Oakmont Gardens was built on 5.5 acres in 1987. Community amenities include two dining rooms, a private café, a library, a beauty salon/barber shop, fitness center, and swimming pool. Activities include educational programs, off-site excursions, book clubs, fitness classes and spiritual gatherings.