Seniors Housing

SAN LUIS OBISBO, CALIF. — Evans Senior Investments (ESI) has arranged the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo. An independent owner-operator sold the property to a California-based owner-operator for $12.8 million. The buyer is a turnaround specialist, and acquired the property as a value-add opportunity. The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75 percent occupied and 100 percent private pay.

SAN FRANCISCO — A joint venture between Related Cos. and Atria Senior Living, along with funding support from Welltower, has acquired the former KRON-TV headquarters in San Francisco, with plans to convert the property to seniors housing. Onyx Partners sold the property for an undisclosed price. Located one block from the new Sutter California Pacific Van Ness Medical Center and along the Van Ness Bus Rapid Transit (BRT) line now under construction, the community will be at the center of the city’s Cathedral Hill neighborhood. In April, the San Francisco Planning Commission unanimously approved the plans to transform the vacant building site into one of the city’s first modern senior living communities in over a decade. Groundbreaking is scheduled for late 2019, with a planned completion by the end of 2021. When completed, the building will total 13 stories and 270,000 square feet, including 7,000 square feet of ground-floor retail. The Related-Atria joint venture was announced in October 2018, with a $3 billion planned pipeline of new seniors housing development. At that time, San Francisco was specifically cited as a high-barrier-to-entry market the venture was interested in, along with New York City, Boston, Los Angeles, Miami and Washington D.C. Welltower …