NATIONAL CITY, CA—Extensive capital investmentis taking place to make senior-apartmentcommunities more livable and enjoyable for residents, but the costmust be reflected in higher rents, putting a burden on manyresidents, SVN's Peter Valleautells GlobeSt.com. Valleau and Roberto Candel ofSVN recently represented buyer Southern HighlandPartners in acquiring Southern Highlands,a 151-unit senior-apartment complex at 2525 HighlandAve. here, from seller M&L Financialfor $14.9 million. The seller was represented by DavidCameron and Joe Ramos of SouthCoast Commercial. We spoke exclusively with Valleau aboutthe National City senior-housing market and whatinvestors are looking for in this sector.
GlobeSt.com: How would you characterize thesenior-housing market in National City as compared to other partsof San Diego?
Valleau: The current seniorsindependent-living market is exceptionally strongboth in the South Bay and in San Diego County as a whole. Uponclosing, Southern Highlands had one vacancy, less than 1%. Ouranalysis of similar senior properties indicated a vacancy rateoverall of less than 2%.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
