GHC Acquires 225-Unit Senior Living Facility in SoCal for $34M
By Nick Trombola July 22, 2024 1:01 pm
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What’s the difference between visiting your grandma at a senior living facility and visiting a website? At grandma’s, you can’t reject the cookies.
An affiliate of GHC Companies has acquired the Seville Gardens Apartment Community, at 2701 Randolph Street in Huntington Park, Calif., — about four miles south of Downtown Los Angeles — for $33.8 million. Tom Papoulias, vice president of Coldwell Banker Commercial West, represented the private seller in the deal.
Property records show it was owned by an entity managed by Evangelia Lieberman.
Built in 1989 by the seller, the Seville Gardens sits on just over 1 acre and features 225 units. The property is currently under a building covenant that requires its use as an age 55 and older housing community with 20 percent of its units set aside for low-income tenants until 2038. GHC intends to continue maintaining the property as a multifamily senior housing, according to Papoulias.
“Seville Gardens presented an excellent investment opportunity with a substantial upside in rents,” Papoulias said in a statement.
A representative for GHC did not immediately respond to a request for comment.
Senior living facilities across the U.S. are a solid investment due to stable demand and consistently positive absorption, according to a second-quarter market analysis by Berkadia. Median occupancy in such facilities is at 90 percent, up 60 basis points year-to-date, while net absorption has seen a nearly 12 percent improvement year-over-year. Average monthly rents are at $5,562, up 3.1 percent since the end of last year.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
