A senior apartment complex in Rohnert Park has been purchased for $35.5 million by a New York real estate investment manager.
Clarion Partners, which holds $22 billion in assets, announced it recently purchased the 207-unit Oak View at Sonoma Hills complex.
Oak View, located off Rohnert Park Expressway near Snyder Lane, was purchased along with a 115-unit senior complex in Rancho Santa Margarita and a 264-unit senior complex in Rancho Cucamonga. The three properties were sold for a total of $100 million, according to Marcus & Millichap Real Estate Investment Services, which arranged the sale.
The Oak View sales price amounted to $170,673 per unit.
The seller was Kisco Senior Living, a Carlsbad, Calif.-based owner of U.S. housing complexes.
Richard Pink, Clarion’s managing director, said aging Baby Boomers represent “one of the strongest segments” of the population in search of housing. By 2015, the number of those age 65 and over will grow by 2 million people per year.
Pink characterized the three properties as “all best-in-class, with substantial amenities and excellent locations.”
— Robert Digitale