FOLSOM, CA—Greystone Real Estate Advisors, a real estate lending, investment and advisory company, has closed the sale of two properties owned by Oakmont Senior Living. Oakmont of Folsom in Folsom, CA and Oakmont of San Antonio Heights in Upland, CA were recently sold to Health Care REIT Inc. The sale price of the portfolio was not disclosed. Both properties provide excellent access to healthcare options, shopping and dining outlets, and are the newest communities in each primary market area.
Mike Garbers, a managing director of Greystone Real Estate Advisors, who led the sale on behalf of Oakmont, tells GlobeSt.com: “Sellers are taking advantage of the low interest rate environment, in addition to the excess capital in the marketplace, to fund the acquisitions.”
Oakmont of Folsom is a new Class A assisted living and memory care community in the Sacramento metropolitan area comprising 66 units. The property contains indoor and outdoor restaurant-style dining, bistro, library, movie theater, fitness center, salon and day spa. With five different assisted living floor plans, it also offers three memory care floor plans.
Oakmont of San Antonio Heights is a newly constructed Class A+ assisted living and memory care community in the Riverside-San Bernardino metropolitan area comprising 79 units. The community offers abundant common space, high-end finishes and upscale amenities including a bistro, billiards room, movie theater, pet park and on-site physician's office. The units feature luxury finishes including crown molding, full kitchens in one- and two-bedroom units, and kitchenettes in studios.
“These beautiful, new Class A+ properties will make a wonderful addition to any seniors housing portfolio,” said Garbers.
As GlobeSt.com reported last year, Greystone acquired ARA National Seniors Housing Group to launch Greystone Real Estate Advisors. Since that time, the team has been active in the senior housing market and the group is currently working to close the sale of several properties in that age-restricted category. The Greystone team provides acquisition and disposition services for seniors housing property types including independent living, assisted living, memory care and skilled nursing. The team offers debt, equity, acquisition and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners, and healthcare REITs.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
