CENTURY CITY, CA-A joint venture of locally based QVT Mount Auburn Capital and Watermark Retirement Communities of Tucson, AZ has acquired two seniors housing facilities in Beverly Hills and Livermore, CA totaling 142 units. Ash Baraghoush of QVT Mount Auburn tells GlobeSt.com that the properties include a 60-unit assisted living facility in Beverly Hills that was built in 2000; the Livermore asset is a 64 unit assisted living and 18-unit memory care facility that was built in 1974 and renovated in 2008. Terms of the sale were undisclosed, but industry sources pegged it at more than $31.9 million.

Baraghoush says, “This acquisition provided QVT MAC the opportunity to own two senior housing facilities in strong markets in California with a very experienced owner/operator of senior housing. Given our basis, the asset’s location, and minimal vacancy for like product, we are confident that owning these assets will produce strong returns for our partner and investors.”

Baraghoush commented that QVT MAC is “very bullish on the senior sector due to the significant growth of the seniors population coupled with an insufficient supply of near term existing senior housing.” The QVT Mount Auburn joint venture has acquired the assets at a time when the seniors housing market has improved significantly, according to a report described recently on GlobeSt.com.