Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Almond Heights Senior Living, a 117-unit assisted living and memory care facility in Orangevale, California.
“Opened in September 2015, Almond Heights is a Class A facility that stabilized quickly and demonstrated strong occupancy and cash flow,” said Mark Myers, IPA executive managing director.
“The local market is strong, with all the competing facilities featuring occupancy levels in the mid-90 percent range,” added Joshua Jandris, IPA senior managing director.
Myers and Jandris represented the seller, a family company based in the Northwest with a portfolio of high-end independent living, assisted living and memory care assets in the West and Northwest. Myers and Jandris also procured the buyer, an owner-operator with a strong presence on the West Coast that has been substantially growing their portfolio of high-end assets. Adam Christofferson is Marcus & Millichap’s broker of record in California. Located approximately 17 miles northeast of Sacramento, the property has a mix of 85 assisted living units and 32 memory care units.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.