Clarion Partners Buys California Apartments for $100 Million
(Updates with seller in second paragraph.)
Oct. 10 (Bloomberg) -- Clarion Partners, a New York-based real estate investment manager, bought a 586-unit California apartment portfolio for $100 million, adding properties aimed at senior citizens to capitalize on an aging population.
The deal encompasses the Buena Vida at Town Center in Rancho Santa Margarita, the Village on the Green in Rancho Cucamonga and the Oak View at Sonoma Hills in Sonoma County, the company said in a statement today. The seller was Kisco Senior Living, a Carlsbad, California-based owner of housing communities across the U.S., according to Suzanne Franks, a Clarion vice president.
The acquisition will help Clarion target aging baby boomers, “one of the strongest segments of demand within the current real estate market,” Richard Pink, managing director, said in the statement.
The number of Americans aged 65 and older will increase from 38 million to about 44 million from 2008 to 2013, according to Clarion. After 2015, the senior population will grow at a rate of about 2 million people each year, the company said.
The three complexes have occupancy rates of at least 95 percent, according to the statement. They offer residents maintenance-free living and easy access to recreational and leisure activities, Clarion said.
“These three properties are all best in class, with substantial amenities and excellent locations in the highly desirable California market,” Pink said.
--Editors: Christine Maurus, Daniel Taub
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