NorCal Senior Community Changes Hands
Gerson Bakar & Associates traded the 154-unit property for $29 million, with the buyer securing a nearly $30 million acquisition and development loan.
Gerson Bakar & Associates sold the Ellinwood Apartments, a 154-unit age-restricted community near San Francisco, for $29 million. Värde Partners provided a $29.8 million acquisition and development loan to the buyer, Throckmorton Partners, according to Yardi Matrix.
The new owner has selected FPI Management to oversee the property’s operations.
Located at 400 Longbrook Way in Pleasant Hill, Calif., the senior community is positioned a stone’s throw from Interstate 680, linking the asset to the rest of the East Bay area and to San Francisco, approximately 25 miles southwest. A variety of shopping and dining options are in the property’s immediate area.
The community contains seven two-story buildings, each with 605-square-foot one-bedroom apartments. On-site amenities include a swimming pool, a spa, a laundry facility and a clubhouse. The property was fully occupied as of July, per Yardi Matrix data.
In October last year, Wilson Investment Properties announced plans to develop a new senior living community in Fairfield, Calif., approximately 30 miles to the north.
Image courtesy of Yardi Matrix