Village on the Green
(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
RANCHO SANTA MARGARITA, CA-Clarion Partners of New York City has acquired a class-A 586-unit, three-property portfolio of class A California seniors apartments for $100 million in an all-cash deal. The properties, all with occupancy rates above 95%, include one in this city, one in the Inland Empire city of Rancho Cucamonga and one in Sonoma County in Northern California.
The properties were sold by Kisco Senior Living, which was represented by a Marcus & Millichap team led by John L. Nguyen, a vice president in the firm’s Newport Beach office; Alexander Garcia Jr., a senior vice president in the firm’s Ontario office; and Brad Pennington, a first vice president in San Francisco.
The three properties are the 115-unit Buena Vida at Town Center at 30824 La Miranda in Rancho Santa Margarita, the 264-unit Village on the Green at 9400 Fairway View Place in Rancho Cucamonga and the 207-unit Oak View at Sonoma Hills at 1350 Oak View Circle in Rohnert Park. Clarion Partners managing director Richard Pink, in an announcement from the company, commented that the properties “are all best-in-class, with substantial amenities and excellent locations in the highly desirable California market.” The complexes are all of recent construction and “were designed to provide maintenance-free living combined with ample access to attractive leisure opportunities,” Clarion Partners said.
Buena Vida at Town Center
The prices for the properties were $21.5 million for the Buena Vida at Town Center, $43 million for the Village on the Green Apartments and $35 million for the Oak View of Sonoma Hills. Nguyen noted that the properties “are truly the ‘best in class’ and have performed very well during the recession with little to no rent compression.”
Village on the Green Apartments is surrounded by the fairways of Empire Lakes Golf Course as well as close to the Victoria Gardens Mall, the Ontario Convention Center and the James L. Bruite Senior Center. The Ontario Mills shopping mall and the Citizen’s Bank Arena are within walking distance. The 55-plus apartment complex features a 9,000-square foot clubhouse and wellness center, a resort-style pool and spa, a fitness center, picnic area, library, game room and a business center.
Oak View of Sonoma Hills
Buena Vida at Town Center is a resort-style apartment complex for active adults in Southeastern Orange County. Community amenities include controlled access, full covered parking, a business center, clubhouse, swimming pool and spa and six onsite laundry facilities.
Oak View of Sonoma Hills is a luxury complex for active seniors and consists of four three-story buildings designed specifically for residents age 55 and older. The focal point of the complex is a 9,000-square foot clubhouse and wellness center that features a resort pool and spa, fitness center, movie theater, library and business center, gourmet kitchen and lounge, arts and crafts room, covered porch with outdoor fireplace, outdoor gas barbecue and on-site salon and spa.
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