The buyer is a private investor who is leasing the facility to San Ramon, CA-based Summerville Senior Living, which will manage the property and handle the leasing of individual units. "The previous owners' management firm was an operator of traditional multifamily housing," Gibson says. "Because Summerville operates many such facilities nationwide, it will achieve economies of scale." The
Gibson says, "there's a lot of demand for quality senior housing product, and this transaction represents a pretty aggressive price, given the income potential." Occupancy is in the low 90%, he tells GlobeSt.com, and rental rates range from $1,500 a month for independent living units to $3,100 a month for assisted living units. Regency was built in 1988 and is located on a 7.3-acre site.
Gibson, along with Michelle Barker, a marketing specialist, and Kyle Sheehan, an associate in the Miami CBRE office, represented the seller and also procured the buyer.
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