DENVER— Northstar Commercial Partners announced their purchase of Vista Gardens, a senior living facility based in Vista, California, San Diego County for $22.8 million. Built in 2011, the ±43,996 SF facility has 99 beds, comprised of both private and semi-private rooms, with tenant occupancy at 94%.
The living space is just a few miles from the Pacific Ocean and is surrounded by 4.5 acres of gardens and walking grounds. Northstar is partnering with Guest Services Senior Living, who will renovate and rebrand Vista Gardens, as well as manage leasing and operations for the property.
“The vision for this community and its space is remarkable,” Brian Watson, founder and CEO of Northstar Commercial Partners said. “We are thrilled for the opportunity to help provide quality care for so many seniors and grateful to share this partnership with Guest Services Senior Living. They have phenomenal insight and experience in creating spaces that are fresh, innovative, and inviting.”
Vista Gardens’ amenities for its residents include private dining spaces to visit with family, entertaining and educational classes, an intergenerational recreation area, an outside garden to plant fruits and vegetables, and a library named after Ronald Reagan, including remembrances of Reagan, and a full collection of books. The facility is positioned with direct access to over 25 major hospitals in the area, with Tri-City Medical center being less than 5 miles away.
“10,000 Americans are turning 65 every day, and we’re excited to continue working within the senior care space to facilitate the need for infrastructure,” concluded Watson. “Vista Gardens is a great asset with strong upside. I think the surrounding communities will benefit from the excellent care for their seniors, as well as the jobs and opportunities Vista Gardens will continue to bring.”
This is Northstar’s fifth senior care facility, with similar assets owned in Colorado, New Mexico, Illinois, and Michigan.
Northstar Commercial Partners specializes in buying vacant, distressed, value-add, and income generating commercial real estate assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities for thousands of people. Since Brian Watson founded the company in 2000, Northstar has closed more than 139 deals, and currently has 47 retail, office, industrial/warehouse, medical, senior care, data centers, and day care facilities in 17 states under its investment, development, and management. The portfolio exceeds over $1.35 billion of market value.
