OAKLAND, CALIF. — CBRE has arranged $35.2 million in financing for the acquisition of The Point at Rockridge, a Class A, 148-unit assisted living and memory care community in Oakland.
The borrower is a joint venture between Angelo Gordon & Co. and Auctus Capital Partners. The property is located near the University of California Berkeley in the affluent submarket of Rockridge. Home values in a one-mile radius average over $1 million and the average household income is nearly $130,000 per year.
The property has undergone two multimillion-dollar renovations in recent years. The first renovation was in 2013, converting 30 assisted living units into a dedicated memory care wing. The second renovation occurred in 2016, providing updates to interior and exterior common areas, community amenities, units and landscaping. The buyers plan to make further improvements to the community.
Integral Senior Living, which has operated the property since 2013, will continue to manage The Point at Rockridge following the acquisition.
Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the seven-year, fixed-rate Freddie Mac loan with 48 months of interest-only payments.