TEMECULA, CA-The Sterling at Vintage Hills senior living community in Temecula, CA, was just recently sold for $27.15 million. Located at 41780 Butterfield Stage Rd., the 152-unit community was 95% occupied at the time of sale.
David Rothschild, Matthew Whitlock and Mary Christian of the CB Richard Ellis national senior housing group represented the seller, an affiliate of MBK Senior Living of Irvine, CA, and procured the buyer, Washington, DC-based CSH.
According to CBRE’s Rothschild, CSH was a great fit and a strong, capable buyer. “This was a smooth transaction as the buyer and seller have a strong previous relationship,” Rothschild explains. “There was a tremendous amount of interest in the asset and bidding was very competitive due to the location in Southern California, the institutional quality of the asset and the overall lack of performing class A senior housing assets in the marketplace for sale.”
CBRE’s Christian tells GlobeSt.com that MBK sold the community because “selling conditions for institutional quality assets are strong and the owners wanted to take advantage of the timing.
The Sterling at Vintage Hills is situated on 10 acres and the transaction included an adjacent nine-acre parcel for future development. The community offers independent living, assisted living and memory care living.
MBK owns and operates a portfolio of senior living communities in California and Washington, including the management of Crown Cove in Corona Del Mar, CA and Raincross in Riverside, which are also owned by CSH.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
