Avison Young has successfully closed the sale of a senior housing facility in Van Nuys for $23.5 million. The property, located at 6700 Sepulveda Blvd., spans over two acres and boasts 201 beds with a total area of 49,818 square feet.
The seller, Boca Raton-based Pinnacle Holdings of Florida Inc., was represented by Principal Peter Sherman from Avison Young’s West Los Angeles office and Principal Keith O’Donnell from their Boca Raton office. The buyer was an entity affiliated with California Healthcare & Rehabilitation Center who will continue to occupy the property.
According to Sherman, the seller wanted an off-market transaction for this asset and their team employed a targeted strategy towards developers and senior housing operators. Ultimately, due to high construction costs and capital requirements for development projects in this sector, it made sense to negotiate with existing tenants who provided the strongest buyer pool.
This acquisition marks another successful deal by Avison Young in the senior housing market as they continue to be leaders in commercial real estate transactions across various sectors.
