Standard Communities has teamed up with Housing on Merit and an institutional joint venture equity partner for the purchase of three senior housing mixed-income communities totaling 559 units across California.
The total capitalization of the portfolio is estimated at $195 million, including more than $19 million in renovations. The seller was AIR Communities.
The three properties are Heritage Village Anaheim in Anaheim, Calif., Heritage Park Escondido in Escondido, Calif., and Heritage Park Livermore in Livermore, Calif. All three communities are near major highways, offering easy access throughout California, as well as shopping, dining and entertainment options.
The 13-building Heritage Village Anaheim has 196 units in a mix of one- and two-bedroom floorplans, ranging from 579 to 807 square feet, according to Yardi Matrix data. Currently, 49 units out of the 196 are affordable, according to the same data provider. Community amenities include a clubhouse, pool and spa. Two laundry facilities and a total of 174 parking spaces are also available. The property traded for $64 million, according to PropertyShark data. JLL Real Estate Capital arranged a $46.5 million Freddie Mac Loan for Standard Communities for this property, public records show.
Heritage Park Escondido has 14 buildings totaling 186 units in a one- and two-bedroom floorplan mix. Unit size ranges from 530 to 745 square feet, according to Yardi Matrix data. Community amenities also include a clubhouse, pool and spa. Two laundry facilities, as well as 246 parking spaces, are available at the community, according to the same data provider. According to PropertyShark data, Heritage Park Escondido traded for $47 million. JLL Real Estate Capital originated a $38.2 million Freddie Mac loan for this transaction, public records show.
Built in 1988, Heritage Park Livermore traded for $55 million and offers 167 units in a mix of one- and two-bedroom floorplans, ranging from 460 to 699 square feet, according to Yardi Matrix data. The community has 18 buildings and common area amenities such as a fitness center, clubhouse, pool and spa. Three laundry facilities and a total of 167 parking spaces are also available, according to the same data provider. According to public records, JLL Real Estate Capital originated a $39 million Freddie Mac loan for this acquisition.
Standard’s planned renovations at the three communities include plumbing, HVAC electrical, fire safety and security upgrades, as well as roof, door and window repair or replacement. The new owner will also repaint the buildings. Common areas and amenities are slated to be renovated and upgraded, while units will have new kitchen cabinets with energy-efficient appliances, bathroom renovations and new flooring.
Last month, Standard Communities made another major purchase, acquiring the 244-unit luxury Jefferson SoLA in South Gate Calif. This property traded for $130 million.