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201-Unit Orange County Senior Housing Facility Trades Hands As Alternative Asset Classes Rise In Popularity

Crestavilla in Laguna Niguel

San Francisco-based Fremont Realty Capital and Steadfast Development sold Crestavilla, a 201-unit senior housing complex in Laguna Niguel

The buyer was an institutional investor represented by affiliates of Carlsbad-based Kisco Senior Living and Chicago-based Harrison Street.

The property opened in 2018 and contains independent living, assisted living and memory care housing, plus three dining rooms, two gyms, an outdoor pool and a 12K SF rooftop. 

A sale price wasn't disclosed, and public records don't yet reflect the sale.

Harrison Street already has a senior living project under development not too far from the Crestaville project. The firm announced in March that it, along with Ryan Cos. and Cadence Living, would bring 158 units of high-end senior living space to Torrance through its Acoya South Bay project. 

The demand for senior housing is expected to explode in the coming years as baby boomers get older, a phenomenon that has often been called the silver tsunami

By the end of 2021, transaction volume in senior housing and nursing care facilities was up 61% compared to the first quarter of the year, with $10.6B in transactions, according to a JLL report published this spring. Rising investor interest in alternative asset classes is among the chief reasons for the rise in senior living transactions, according to JLL.

Cushman & Wakefield represented the seller and arranged acquisition financing for the buyer. The firm’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard handled the transaction.