(EDITOR’S NOTE: The 278,706 square foot Bellettini Retirement Facility in Bellevue sold for $96.6 million, or approximately $346 per square foot, according to public documents.)
IRVINE, Calif., July 6, 2018 – MBK Senior Living (MSL) announces the close of escrow on nine new senior living communities located in California, Washington and Arizona. This acquisition marks the company’s largest single purchase and expands the portfolio to 34 owned and managed communities located throughout the Western United States.
Acquired for $382 million, the nine communities are comprised of a mix of independent living, assisted living and memory care programs and include nearly 1,200 units. MSL was represented by Latham & Watkins LLP in connection with this transaction. Koley Jessen P.C., L.L.O. served as legal counsel to West Living, LLC. Cushman & Wakefield Senior Housing Capital Markets, acting as exclusive advisor to San Diego-based West Partners, arranged the sale of the West Living, LLC portfolio.
“This acquisition is part of MBK Senior Living’s aggressive growth strategy,” said Jeff Fischer, president of MBK Senior Living. “The West Living communities are a complement to our existing communities and allow us an enlarged presence in the markets we serve, as well as the ability to immediately expand into new areas where there is a great demand for quality senior living with engaging programing and outstanding care.”
The new MBK Senior Living communities include:
- McDowell Village – Scottsdale, Arizona, independent living & assisted living
- Estancia Del Sol – Corona, California, assisted living & memory care
- The Montera – La Mesa, California, assisted living & memory care
- The Reserve at Thousand Oaks – Thousand Oaks, California, assisted living
- Dale Commons – Modesto, California, assisted living
- The Commons at Elk Grove – Elk Grove, California, assisted living & memory care
- The Commons at Union Ranch – Manteca, California, assisted living & memory care
- The Commons at Thornton – Stockton, California, assisted living & memory care
- The Belletini – Bellevue, Washington, independent & assisted living
“We’re thrilled to welcome these beautiful communities, current residents and team of outstanding caregivers and service providers to the MBK family and are eager to have them learn first-hand the unique benefits and offerings available through MBK’s signature programs and services,” added Fischer.
About MBK Senior Living
MBK Senior Living (“MSL”) owns, operates and develops senior living communities providing standalone services or a combination of Independent Living, Assisted Living and Memory Care services. For over 20 years, they have focused on building an experienced operations team whose skilled management adds value to both their existing community assets and new acquisitions.
Based in Irvine, CA, MBK Senior Living is a subsidiary of MBK Real Estate LLC which is supported by the vast financial strength and global resources of its parent company, Mitsui & Co., Ltd. MSL is a low-leverage, high-equity investor with the ability to complete an all-cash transaction based on the particular opportunity at hand. They are actively seeking acquisition and development opportunities throughout the Western United States. For more information, please visit the Company’s website at mbkseniorliving.com.