The Real Estate Investment Trust (REIT) Ventas has acquired a 136-unit senior living community in Ventura County, California, for $56.54 million. The transaction closed on 15th July, according to PropertyShark records. This puts the purchase price at over $415,700 per residential unit. Ventas is a REIT specialising in senior living communities and is listed on the S&P 500.
JLL Capital Markets represented the seller, Chicago-based Harrison Street Asset Management. JLL announced the transaction on Tuesday but did not name the buyer or the exact value of the transaction. Harrison Street manages real estate, infrastructure and credit strategies valued at approximately $109 billion.
Property Details and Market Context
The property in question, Clearwater at Riverpark, was built in 2018 in Oxnard, California. Located at 750 Clyde River Place, it encompasses 153,297 square feet on a 3.8-acre site within the Riverpark master-planned community in Oxnard. Adjacent to the facility is The Collection at Riverpark, a super-regional shopping and entertainment centre. Clearwater Living will manage the community's operations.
The residential units have an average size of 809 square feet and offer a variety of amenities. These include multiple dining options, a swimming pool, a fitness centre, a theatre, and a salon and spa. The sale highlights the continued strong institutional demand for newer senior living properties in markets with limited development opportunities, according to JLL's assessment.
Brokerage Team and Market Outlook
The brokerage team that represented the seller was led by Aaron Rosenzweig and Dan Baker. Mr Rosenzweig stated in a release that Clearwater at Riverpark exemplifies the high-quality independent senior living assets that continue to attract capital from prime investors even in the current market.
- —Property type: Senior living community
- —Purchase price: $56.54 million
- —Number of residential units: 136
- —Location: Oxnard, Ventura County, California
