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Western U.S. Senior Housing Portfolio Goes for $382 Million

1,174-Unit Sale Across California, Arizona and Washington Marks Largest Buy for California's MBK Senior Living
July 9, 2018
Pictured: The Bellettini in Bellevue, WA, one of nine senior housing communities MBK Senior Living has acquired in a $382 million deal with West Partners.

MBK Senior Living has paid $382 million for a nine-property senior housing portfolio in the Western states.

MBK Senior Living, an Irvine, CA-based arm of the U.S. wing of Japanese conglomerate Mitsui & Co.,plans to continue a unit renovation program at the properties as a way to boost returns. The properties total 1,174 units of independent and assisted living, as well as memory care services, with three communities located in southern California, four in central California, one in the Phoenix area and one in suburban Seattle.

The purchase is the senior housing shop’s largest single acquisition in its 20 years of owning and managing senior housing. The company now owns and operates 34 properties in the Western states incorporating approximately 3,800 units.

The seller, West Partners of Carlsbad, CA, is reportedly winding down its senior housing operations with the sale. The investment firm pumped about $25 million in improvements in to the portfolio in recent years already.

Cushman & Wakefield’s senior housing team led by vice chairman Richard Swartz and executive director Jay Wagner brokered the deal for West Partners.

The properties are generally around 10 years old or newer. They include the 197-unit McDowell Village, in Scottsdale, AZ; the 50-unit The Bellettini in Bellevue, WA; the 117-unit Estancia Del Sol in Corona, CA, and the 180-unit Montera in La Mesa, CA.

The size of the deal reflects the growing interest in senior housing, long a specialty niche market. With an aging population, experts predict the demand for assisted living rentals will grow dramatically in the years to come.

For more information on the transaction, please see CoStar Comp #4369500.

John Doherty, Multifamily Reporter  CoStar Group   
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