A joint venture between Fremont Realty Capital and Steadfast Development has sold the 201-unit Crestavilla, a luxury senior housing property in Laguna Niguel, Calif. A joint venture between affiliates of Kisco Senior Living and Harrison Street, acting as as advisor to an institutional investor, purchased the asset for $115.6 million, according to PropertyShark.
Cushman & Wakefield negotiated the deal on behalf of the seller and also arranged acquisition financing for the buyer in the form of a $86.7 million loan from Fifth Third Bank, public records show.
READ ALSO: Why Investor Interest in Senior Housing Is Soaring
Built in 2018, the property features independent living, assisted living and memory care units. The asset is LEED Gold-certified and offers amenities such as three dining rooms, two fitness areas, a pool and a 12,000-square-foot rooftop amenity space.
Located at 30111 Niguel Road, the community is half a mile southeast of Laguna Niguel Plaza and surrounded by a good number of dining options. Niguel Botanical Preserve is also less than 1 mile north of the property, while El Niguel Country Club is less than 2 miles south.
Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard brokered the transaction.
In March, Harrison Street sold a five-asset senior housing portfolio, with communities in Oregon and Montana, valued at $193.5 million. This portfolio totals 622 senior housing units.