Northern California Seniors Housing Asset Sale Brokered by IPA
ORANGEVALE, CA–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Almond Heights Senior Living, a 117-unit assisted living and memory care facility in Orangevale, CA.
“Opened in September 2015, Almond Heights is a Class A facility that stabilized quickly and demonstrated strong occupancy and cash flow,” said Mark Myers, IPA executive managing director.
“The local market is strong, with all the competing facilities featuring occupancy levels in the mid-90 percent range,” added Joshua Jandris, IPA senior managing director.
Myers and Jandris represented the seller, a family company based in the Northwest with a portfolio of high-end independent living, assisted living and memory care assets in the West and Northwest. Myers and Jandris also procured the buyer, an owner-operator with a strong presence on the West Coast that has been substantially growing their portfolio of high-end assets. Adam Christofferson is Marcus & Millichap’s broker of record in California. Located approximately 17 miles northeast of Sacramento, the property has a mix of 85 assisted living units and 32 memory care units.