LOS ANGELES — Avison Young has arranged the $23.5 million sale of a seniors housing facility located at 6700 Sepulveda Blvd. in the Van Nuys neighborhood of Los Angeles. Boca Raton, Fla.-based Pinnacle Holdings of Florida sold the asset to an entity of California Healthcare & Rehabilitation Center, which currently operates the property. Situated on two acres, the 49,818-square-foot facility features 201 beds for seniors. Peter Sherman and Keith O’Donnell of Avison Young represented the seller in the off-market deal.
DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.
HAILEY, IDAHO — Seattle-based BearRock Investments LLC has purchased Silvercreek Living, an assisted living community in Hailey, for $6.4 million. The buyer plans to convert the property into workforce housing. Hailey is a small city of fewer than 10,000 residents south of the Sun Valley-Ketchum metro area in Central Idaho. Located on McKercher Boulevard, the 24,600-square-foot asset consists of two 12,000-square-foot buildings, each offering 16 studio apartments and a large commercial kitchen. Paul Kenny of Paul Kenny & Matt Bogue Commercial Real Estate represented the buyer and undisclosed seller in the deal.
CENTENNIAL, COLO. — Headwaters Group has broken ground on Aspendale Centennial, an active adult community in Centennial, a southern suburb of Denver. The property will feature 172 age-restricted units in a four-story, 203,653-square-foot building. Live Oak Bank provided construction financing, and a programmatic institutional equity partner provided equity. “This is a meaningful project, as it will be our first ground-up development since Headwaters Group’s inception in 2022,” says Ben Burke, managing partner at Headwaters Group. The focal point of the community will be a two-story clubhouse featuring 9,757 square feet of internal community amenity space. Construction is set to begin later this month, with pre-leasing starting in October 2024. Headwaters expects to deliver the first units in August 2025. Headwaters Group has three additional development sites under control in Colorado and four in Arizona, with plans to start projects on all four over the next 24 months. In 2023, Headwaters Group acquired an age-restricted apartment community in Salt Lake City.
MAUMELLE, ARK. — Health Dimensions Group (HDG) has opened Mira at Maumelle, which the developer asserts is the first senior living community in the Little Rock suburb of Maumelle. Mira at Maumelle provides independent living, assisted living and memory care services. The number of units was not disclosed. HDG manages the property, bringing its portfolio to 48 communities in eight states.
DALLAS — Marcus & Millichap has arranged the sale of a nine-property, 1,080-bed seniors housing portfolio in the Dallas area. The locations were not disclosed. Eight of the properties are skilled nursing facilities totaling 992 beds, and the other is an 88-bed assisted living facility. Nick Stahler, Michael Mooney and Austin Diamond of Marcus & Millichap represented the seller, a regional private equity owner, in the transaction. The buyer was a family office private equity investor. Both parties requested anonymity. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.
MOORESTOWN, N.J. — Resort Lifestyle Communities has opened Parkers Bend, a 128-unit independent living community in Moorestown, located outside of Philadelphia in Southern New Jersey. Parkers Bend offers 128 units in studio, one-, two- and three-bedroom configurations. Residents have access to multiple dining options and venues as well as various social activities, travel programs and health and wellness initiatives. Information on starting rents was not disclosed.
AVENTURA, FLA. — Belmont Village Senior Living has broken ground on Belmont Village Aventura in Aventura, a coastal city in Miami-Dade County. The 11-story project is being built in partnership with Turnberry and will be Belmont Village’s third location in South Florida. Located at 3510 Yacht Club Way, the property is scheduled to open in early 2026. This venture is Turnberry’s first collaboration with Belmont Village Senior Living. Spanning almost 180,000 square feet, Belmont Village Aventura will feature 153 independent living, assisted living and memory care apartments in a variety of studio, one-bedroom and two-bedroom floorplans. Belmont Village Aventura residents will enjoy panoramic views of the Atlantic Ocean, Intracoastal Waterway and Dumfoundling Bay. Corwil Architects is the lead architect and Moss Construction Management is the construction partner.
WOODLAND HILLS, CALIF. — California Commercial Investment Group has acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills for $30 million. The buyer plans to develop a luxury senior living community encompassing approximately 300 units on the site. Construction is scheduled to begin in 2026 with completion planned for 2028. The property is located in the Santa Monica Foothills approximately 30 miles west of Los Angeles. It is just steps from the Calabasas farmers’ market adjacent to the Motion Picture & Television Fund campus. JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. Michael Slater of CBRE represented the buyer.
LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, an affordable housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. The property also offers common recreation spaces and laundry facilities on each floor. Construction began in May 2021 and the property was built in accordance with the latest Cal-Green Building Code standards. Move-ins began in October 2023, and the waitlist is currently closed for the property. The asset is aiming for at least LEED Silver certification.