Click here to read more in the San Diego Business Journal
Berkadia today announced the recent sale of Casa Vallecitos and Hacienda Vallecitos, senior housing resort style communities in San Marcos, California. Berkadia’s La Jolla team, including Managing Directors Ed Rosen and John Chu as well as Directors Kyle Pinkalla and Erin Dammen, completed the portfolio transaction, which sold for a combined $44.25 million price tag. These communities provide adults 55 and older the opportunity to live among their peers while maintaining their active lifestyles.
Berkadia represented the seller, R&V Management, based in San Diego. The buyer was Charleston, South Carolina-based Greystar.
“The San Diego County senior population has been growing steadily over the past 15 years, and that trend is only expected to continue,” Rosen said. “Annual demand for age-restricted housing has been outpacing the supply in this area, creating prime investment opportunities such as this one.”
Casa Vallecitos, a 151-unit property built in 1992, offers one- and two-bedroom floor plans. Hacienda Vallecitos, a 104-unit property built in 2001, offers studio, one- and two-bedroom floor plans. Both properties’ unit amenities include air conditioners, dishwashers, electronic thermostats, patios and balconies, extra storage, walk-in closets and wheelchair access. Residents also enjoy community features such as a clubhouse with a kitchen, a laundry facility, a heated swimming pool, a spa, a dog park and an on-site bus that transports residents to nearby activities.
“Both of these properties were enticing investments due to the opportunity for value enhancements,” Rosen added. “We expect that the new owner will take full advantage and see a significant return over the next couple of years.”
Located at 852 Avenida Ricardo and 736 Center Drive, respectively, the properties offer convenient access to a nearby Costco and the Nordahl Marketplace via the State Route 78 and Interstate Route 15. Additionally, local and regional hospitals and clinics and community outreach programs ensure that residents have quick and quality access to medical care.