WESTMINSTER, CO–Marcus & Millichap recently sold the San Marino Retirement Community, a 185,871-square-foot assisted living, independent living, and memory care community here for $32.39 million.
The new owner, a Chicago-based private equity firm, plans to extensively renovate the property plus improve occupancy, which, at the time of sale, was 90%.
Built between 1987 and 1999, the five-building San Marino Retirement Community was built in stages on 9.3 acres.
The seller is a private investor/owner-operator. The transaction was facilitated by Thompson and Tony Cassie. Bob Kaplan, vice president and regional manager in Denver is Marcus & Millichap’s broker of record in Colorado.