The purchase price of The Patrician, a 15-year-old property, is unavailable; however, it will immediately undergo a $4.2 million renovation to expand services and increase the size of the facility, according to officials for Boston-based Lend Lease, one of the world's largest real estate investment managers.
The renovation will add 7,700 sf to provide six new two-bedroom units, while 8,000 sf will be converted to add a commercial kitchen, dining room, craft studio, fitness center and spa, café, library and information center.
Bovis Lend Lease, Lend Lease's construction andproject management arm, will provide construction management oversight throughout the renovation project. Cordia Senior Living, the company's senior living property management arm, will manage the property.
"The Patrician was an incredible acquisition opportunity," said Beverly Roberts, principal in Lend Lease's senior living division. "San Diego is a well-established community that fits well with our vision for senior living.
"The combination of the building's renovations with the Cordia Senior Living management team makes this property very attractive for our investor and our residents."
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