NEWPORT BEACH, CA-Vintage Senior Advisors LLC has struck an $83-million deal with the California State Teachers' Retirement System to finance the acquisition,development and management of senior housing throughout the West. The new joint venture between CalStrs and the Newport Beach-based company will be funded with $75 million in equity from CalStrs and $8.33 million from Vintage Senior Advisors, which is a an affiliate of Vintage Senior Housing LLC.
Vintage is a developer and operator of senior housing and assisted living communities throughout California. The founder and managing director of Vintage Senior Advisors, Eric Davidson, says that the joint venture marks the first time the giant teachers' retirement fund has created a partnership to focus solely onsenior housing.
CalStrs has extensive investments in other types of real estate and funds linked to real estate, Davidson points out, but he says, "This marks the first time it has made a direct investment with a specific company to serve as a platform for investing in the senior housing industry."
The new entity, which is called VinCal LLC, has already closed on its first property, a 147-unit assisted living community in Cerritos.
Davidson's firm will be responsible for managing the venture on a day-to-day basis, including investments and operations. He says the JV will focus primarily on California, although it could acquire and develop properties throughout the West.
The principals of Vintage founded their company in 1998 specifically to own and operate senior housing and assisted living facilities throughout California. The firm and its management company operate facilities in Newport Beach, Placentia, Cerritos, Encino, Escondido, Santa Rosa, Berkeley and Sonoma.
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