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Westlake Selling Seniors Housing Portfolio for $126M

SAN FRANCISCO-The San Mateo-based company agrees to sell its 1,000-unit, six-property portfolio to Merrill Gardens, a Seattle-based owner and operator of senior housing communities. All of the properties are located in Northern California.

By Brian K. Miller | Updated on November 14, 2005

SAN FRANCISCO-A division of San Mateo-based Westlake Development Co. is selling its six-property portfolio of seniors housing properties to Merrill Gardens, a Seattle-based owner and operator of senior housing communities. The $126-million, 1,000-unit transaction is expected to close at the end of the year.

The properties range from 126 units and 203 units and are located in the cities of Rohnert Park, Fremont, Vacaville, Manteca, Sonoma and Vallejo. The buildings are all two- and three-story wood frame buildings containing studio, one- and two-bedroom units. A source at Merrill Gardens tells GlobeSt.com the properties all are stable, but did not provide an overall occupancy.

Merrill Gardens is owned by the R.D. Merrill Co. The company entered the senior housing market 12 years ago with one community in Seattle. With this acquisition, the 2,700-employee company now controls 8,741 units in 70 communities in 12 states, including 15 in California. The company posted revenues of $159 million in 2004, making it one of the largest privately held seniors housing company in the US and the largest operator of senior housing in Washington.

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