The Westlake Village Multifamily Investment Sales team at Northmarq, led by Jim Fisher, Mike Smith, Vince Norris and Tommy Yates, has recently listed a portfolio of four senior living properties totaling 705 units. The seller is being represented by Northmarq and the asking price has not been disclosed.
Located in Los Angeles and Orange Counties, this mixed-income age-restricted portfolio presents an excellent opportunity for investors to enter the growing senior housing market. The properties included are Coventry Court Luxury Senior Apartments (240 units) in Tustin; Burbank Senior Artists Colony (141 units) in Burbank; NoHo Senior Arts Colony (126 units) in North Hollywood; and The Piedmont Luxury Senior Apartments (44 units) also located in North Hollywood.
According to Fisher: “This exceptional portfolio offers buyers immediate scale in Southern California’s senior housing market.” He goes on to mention that seniors are currently the fastest-growing demographic group and these four assets offer top-of-the-line living with innovative amenities. In a market where available product is scarce, these deals provide long-term investment opportunities with assumable financing well below current market rates.
