Tarzana (Photo: CBRE Inc.)
The Offering
CBRE’s Healthcare Capital Markets Group is pleased to exclusively offer the Emeritus Senior Living Portfolio in Tarzana and Garden Grove, California for purchase. The two senior living communities are 100% leased to Emeritus Senior Living Corporation with 17-years of option term remaining with annual increases. Emeritus began operations of the properties in June of 1999 and assumed the original 34 year lease. The tenant is currently in year three of its third renewal option. The two leases will automatically renew for another five year period beginning July 1 and September 1, 2016.
Garden Grove (Photo: CBRE Inc.)
Emeritus chose these sites to offer convenient and comfortable locations for the residents and their family members that often come to the facilities to visit loved ones. The facilities are located in densely populated areas, close to shopping and entertainment areas, within walking distance to drugstores and grocery stores, and are easily accessible from major freeways. The primary focus of the Emeritus facilities is to provide service of the highest quality and value in a supportive environment, promoting the health, independence and social interaction of seniors. These great Emeritus locations cater to those who can manage living independently and would like to live in a community of peers. Residents of Emeritus at Tarzana and Garden Grove continue to live the same lifestyle they did at home. Emeritus offers a “maintenance-free” living option and often offers extensive activities, social events, and programs for their residents.
Offering Information
Offering Price: $18,500,000
$/PSF: $205
Cap Rate: 6.21%
Occupancy: 100%
# of Units: 145
Total SF: 90,261
Lease Term: 17 Years
Investment Highlights
- Licensed for Up to 296 Beds
- Publically Traded Tenant
- Absolute NNN Lease
- Ideally Situated Communities
- High Barrier to Entry Market
- Capital Investment by Tenancy
- Exceptional Market Demographics
- Appealing Senior Aging Trends
- Delivered Free and Clear of Debt
More Information:
CBRE INVESTMENT CONTACTS
Jecoah Byrnes
Healthcare Capital Markets
CA License 01915914
+1 949 725 8467
Chris Bodnar
Healthcare Capital Markets
CA License 01892501
+1 303 628 1711
Lee Asher
Healthcare Capital Markets
+1 404 504 5965
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