| This morning we chatted with Marcus & Millichap's Rob Reis, who repped Senior Housing Properties Trust in the purchase of Tiffany Court, a 57-unit assisted living facility in Walnut Creek for $11.3M or more than $198k/unit. The seller, Furman Properties LLC, is a local developer, owner, and operator. Rob tells us the facility traded at an 8.25% cap, which is "exactly what it should be" for a quality property in a great location—less than half a mile from the 233-bed Kaiser Permanente Walnut Creek. Tiffany Court opened in November 1996 and leased up in three and a half months. The seniors housing specialist says the Bay Area market is great for performing properties in major metro areas. “There’s a lot of demand, and I expect that to continue this year.” He's selling non-stabilized properties, as well, such as a 97-unit assisted living facility in Manteca he sold last year for just over $7M. |
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