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Lend Lease Buys Senior Living Residence

SAN DIEGO-Lend Lease Real Estate Investments Inc. has announced that it has acquired The Patrician, a 139-unit senior residence in the

By Randyl J. Drummer | Updated on March 22, 2001

SAN DIEGO—Lend Lease Real Estate Investments Inc. has acquired a 139-unit senior residence in the University Towne Centre area on behalfof an institutional client.

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.

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