San Diego-Area Senior Living Asset Trades for $22M
- Jan 15, 2020
Shefflin Investments has sold Southern Highlands, a 151-unit senior housing property in National City, Calif. Lincoln Avenue Capital acquired the asset for $22.1 million. NorthMarq brokered the transaction on behalf of the seller, which had acquired the community in 2015 from M & L Financial Properties for $14.7 million, according to Yardi Matrix data.
Built in 1999, Southern Highlands comprises studios, one-bedroom units and one commercial space. Common-area amenities include a fitness center and laundry facilities. According to Yardi Matrix, the three-story building was 98 percent occupied as of December 2019.
Located at 2525 Highland Ave., on 1 acre, the property is 2 miles from interstates 5 and 805 and within walking distance of public transportation options. The community is also 3 miles from Paradise Valley Hospital. The surrounding area includes several cultural and entertainment hubs, such as the Kimball Senior Center, located 1 mile from the building.
NorthMarq’s team included Managing Directors Kyle Pinkalla and Shane Shafer. Last December, the duo also represented the seller of a 212-unit community in Moreno Valley, Calif.