ROSEVILLE, CA–Greystone Real Estate Advisors closed the sale of the Alta Manor senior community with DiNapoli Capital Partners (DCP) of Walnut Creek, CA acquiring the property for $16.55 million or $192,442 per unit from an independent owner. Alta Manor comprises 86 units, 60 of which are designated for assisted living residents and 26 of which are designated for memory care/dementia residents. The community expanded from 70 units when it was originally built in 2008 and is now more than 70% occupied.
Community amenities at the facility located at 930 Oak Ridge Dr., northeast of Sacramento, include landscaped gardens and courtyards, a scenic nature trail, library, lounge, private banquet room and beauty salon. Floorplans range from single, deluxe, deluxe private and villa standard configurations, all including one bedroom and one bathroom.
This is Greystone's third senior housing sale in the past month, as previously reported. Mike Garbers, managing director of Greystone Real Estate Advisors who led the sale, tells GlobeSt.com:
“Acquisitions activity in the assisted living market has certainly been surging, and with Alta Manor's added dementia care services, it's uniquely positioned for value in the Roseville region.”
DCP plans to reposition the property within the market, change the product mix and spend a substantial amount of capital expenditures including items such as unit renovations, common area upgrades and furniture/fixtures/equipment enhancements in order to meet resident expectations. This transaction is DCP's fourth senior housing acquisition.
“This property will surely serve as a valuable addition to DiNapoli Capital Partners' portfolio,” added Garbers.
The Greystone Real Estate Advisors team provides disposition and acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities. The team offers a full spectrum of advisory services including debt, equity, acquisition and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.
Founded in 2004, DCP is a privately held real estate investment firm engaged in the acquisition, development and management of hotels, multifamily, office and senior housing. In 2012, DCP added its senior housing platform for properties predominately located on the West Coast and Sunbelt states. DCP's focuses on assisted living and memory care properties that are in need of lease up, renovation/repositioning and improved operational efficiency.
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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.
