Sunday, July 10, 2011
Rosewood Gardens Assisted Living sold, along with a Beverly Hills senior housing facility, for $31,925,000.
The Fenton Street property was built in 1974. It has 64 independent and assisted living units, not including the 18 additional units recently converted into a secured dementia wing.
AEW Capital Management sold the property to Watermark Retirement Communities, which will now manage a total of 27 properties, nine of which it owns. Watermark also owns three regional home health agencies.
CBRE Senior Housing Group represented AEW in the sale.
“Bidding was strong due to the strong southern and northern California locations, especially the Beverly Hills asset, which is irreplaceable and has tremendous barriers to entry,” David Rothschild of CBRE told Senior Housing News.