US investment firm Artemis Real Estate Partners has acquired an upscale senior living community in Newport Beach, California. The vendor of the property is a subsidiary of the listed healthcare REIT Ventas. Public registry records indicate a purchase price of 88.5 million US dollars, corresponding to 526,785 US dollars per residential unit.
The property, named Atria Newport Beach, is located at 393 Hospital Road in close proximity to Newport Boulevard and Hoag Hospital. The location ranks among the most affluent coastal communities in California's Orange County. As part of the transaction, Atria Senior Living acted as partner to the buyer and will continue to manage the operational running of the community.
Property structure and financing
The complex comprises two three-storey building sections that were completed and comprehensively refurbished in 2021 and 2023, respectively. The accommodation ranges from studios to one- and two-bedroom flats with a tiered care and support concept.
- —126 units for independent and assisted living
- —42 units providing specialised care for dementia patients
- —Communal areas including dining rooms, cinema, fitness centre and library
- —Additional services such as a salon, spa and a dedicated concierge service
The transaction was brokered by JLL Capital Markets. Advisers Aaron Rosenzweig and Dan Baker acted for the vendor and also arranged the acquisition financing, which was provided by an unnamed life insurance company. The property was previously subject to a 52 million US dollar refinancing in August 2024.
Focus on healthcare and senior living real estate
With this acquisition, Artemis Real Estate Partners, based in Chevy Chase, Maryland, is further expanding its presence in the senior living segment. In addition to care and senior housing properties, the firm primarily invests in medical office buildings, multi-family residential schemes, as well as industrial and hotel assets. The vendor, Ventas, is one of the largest holders of healthcare real estate in the United States.
