Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the San Marino Retirement Community, a 185,871-square-foot independent living, assisted living, and memory care community in Westminster, Colorado. The asset sold for $32,390,000.
“The new owner plans to significantly renovate the campus and improve occupancy, which was 90 percent at the time of sale,” says Sam Thompson of Marcus & Millichap’s Portland office.
Thompson and Tony Cassie facilitated the transaction. The seller is a private investor/ owner-operator. The buyer is a Chicago-based private equity firm. Bob Kaplan, vice president and regional manager in Denver is Marcus & Millichap’s broker of record in Colorado. The five-building San Marino Retirement Community was built in stages on 9.3 acres between 1987 and 1999.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.