DENVER — As part of its expansion in the senior care market, Denver-based Northstar Commercial Partners has purchased Vista Gardens, a senior living facility based in Vista, California, San Diego County, for $22.8 million. Built in 2011, the +43,996-square-foot facility has 99 beds, comprised of both private and semi-private rooms, with tenant occupancy at 94 percent.
This is Northstar’s fifth senior care facility, with similar assets owned in Colorado, New Mexico, Illinois, and Michigan. Northstar specializes in buying vacant, distressed, value-add, and income generating commercial real estate assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities for thousands of people.
The living space is just a few miles from the Pacific Ocean and is surrounded by 4.5 acres of gardens and walking grounds. Northstar is partnering with Guest Services Senior Living, who will renovate and rebrand Vista Gardens, as well as manage leasing and operations for the property.
“The vision for this community and its space is remarkable,” Brian Watson, founder and CEO of Northstar Commercial Partners said. “We are thrilled for the opportunity to help provide quality care for so many seniors and grateful to share this partnership with Guest Services Senior Living. They have phenomenal insight and experience in creating spaces that are fresh, innovative, and inviting.”
The facility is positioned with direct access to more than 25 major hospitals in the area, with Tri-City Medical center being less than 5 miles away.
“10,000 Americans are turning 65 every day, and we’re excited to continue working within the senior care space to facilitate the need for infrastructure,” concluded Watson. “Vista Gardens is a great asset with strong upside. I think the surrounding communities will benefit from the excellent care for their seniors, as well as the jobs and opportunities Vista Gardens will continue to bring.”
Photo courtesy of Northstar Commercial Partners/PRNewsPhoto