Contour has acquired Estancia Senior Living, a 104-unit community in Fallbrook, Calif., for $35 million.
The company purchased the newly completed property directly from the developer, The Calida Group, according to public records. The transaction also included a 5-acre swath of vacant land contiguous to Estancia Senior Living.
The developer acquired the land for the senior housing project in August 2017, and also secured a $17.2 million construction loan originated by Zions Bancorporation. The construction was finalized this summer, with the official opening scheduled for Oct. 21. Meridian Senior Living is the manager of the property.
The nearly 89,000-square-foot Estancia Senior Living sits on 3.4 acres at 1735 S. Mission Road. The two-story community includes 79 assisted living and 25 memory care units.
Community amenities include two courtyards, laundry facilities, various dining options, a beauty salon and barbershop, a spa and a physical therapy center. The community provides services geared toward wellness and socialization, among others, such as transportation.
Estancia Senior Living is within walking distance of several shopping and dining options and less than 2 miles from the Los Jilgueros Preserve and Ingold Sports Parks.
Although senior housing took a serious hit from the pandemic, the sector bounced back quicker than expected, restoring the confidence of lenders and investors alike. The debt capital markets have continued to improve over the past year, John Sweeny, senior vice president at CBRE, told Multi-Housing News in a recent interview.
While lenders are more scrupulous when it comes to property-level performance and underwriting, or vaccination status among residents and staff, loan terms have significantly improved compared to 2020, Sweeny said.