Canyon Partners Invests $10.9M in West Oaks Seniors Housing Project in California
THOUSAND OAKS, CALIF. — Canyon Partners Real Estate LLC has provided $10.9 million of preferred equity to Griffin Living for the construction of a seniors housing community in Thousand Oaks, approximately 40 miles west of Los Angeles.
The community is West Oaks, a Class A development featuring 58 assisted living units and 28 memory care units in a 103,704-square-foot, two-story building. Irwin Partners Architects designed the property.
“The Thousand Oaks community is an underserved area for seniors housing and memory care with high projections for unmet demand by 2020, yet this project is currently one of only two senior living developments approved in Thousand Oaks,” says Paul Griffin, chief executive officer of Griffin Living.
The transaction is Canyon’s fourth investment with Griffin since 2013. The other projects include: The Viano at Riverwalk apartments in Riverside, Calif.; the Georgian Lakeside, a 95-unit assisted living and memory care residence in Roswell, Ga; and VivaBella at Simi Valley, a 101-unit assisted living and memory care community in Simi Valley, Calif.