Senior Living Center Sells for $49M in Calif.’s Coachella Valley

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A senior assisted-living facility in California’s Coachella Valley has attracted a new owner.

Ohio-based health care REIT Welltower has agreed to pay $49.3 million for Oakmont of Segovia, a 160-unit facility in Palm Desert, according to data provider Vizzda. The deal pencils out to about $308,000 per unit. 

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The 217,730-square-foot development was built in 2010 over 8.6 acres at 39905 Via Scena, at the intersection of Monterey Avenue and Country Club Drive. It was owned by Irvine-based Oakmont Senior Living.

The oldest baby boomers are about to hit their 80s, the median age for people to enter senior housing, and occupancy rates at senior housing properties around the country have been rebounding since the pandemic hit. However, occupancy is still far below pre-COVID levels.

Welltower, formerly known as Health Care REIT, did not immediately respond to requests for comment. The company reported 78 percent occupancy for its senior housing portfolio after the first quarter. Welltower also reported $787 million in acquisitions and loan funding in the first quarter.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.