$32.39 Million Seniors Housing Asset Trades Hands in Suburban Denver
October 15, 2018
WESTMINSTER, Colo., Oct. 15, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the San Marino Retirement Community, a 185,871-square-foot independent living, assisted living, and memory care community in Westminster, Colorado. The asset sold for $32,390,000.
“The new owner plans to significantly renovate the campus and improve occupancy, which was 90 percent at the time of sale,” says Sam Thompson of Marcus & Millichap’s Portland office.
Thompson and Tony Cassie facilitated the transaction. The seller is a private investor/ owner-operator. The buyer is a Chicago-based private equity firm. Bob Kaplan, vice president and regional manager in Denver is Marcus & Millichap’s broker of record in Colorado. The five-building San Marino Retirement Community was built in stages on 9.3 acres between 1987 and 1999.