Dealmaker: Cushman & Wakefield Closes Two Sales Totaling $117M

Cushman & Wakefield, Chicago, negotiated property sales in California and Florida totaling $117 million.

In Riverside, Calif., Cushman’s David Kliewer, Paul Carr, Allen McMurtry, David Rothschild and Mary Christian represented Air Force Village West when it sold 589-unit senior housing community Altavita Village to Senior Living Riverside LP for $58 million, or $98,500 per unit.

Altavita Village is a 1.2 million-square-foot continuing care retirement community with 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units. It was 40 percent occupied at sale closing.

Developed in 1989 as a retirement community for military officers, Altavita Village opened to the general public in 2015. The property abuts March Air Reserve Base in the Inland Empire metropolitan area. Prior ownership invested more than $8 million at Altavita Village since 2013, including nearly $6 million for unit upgrades. Senior Living Riverside LP said it plans to invest $20 million in the property over the next several years and convert the entire community to a rental community. The new owner will re-brand the property Westmont Village.

In Hillsborough County, Fla. near Tampa, Cushman represented Preston-Giuliano Capital Partners, Boston, when it sold 340-unit apartment community Mezzo of Tampa Palms to private equity firm Taurus Investment Holdings, Boston, for $59 million.

Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern represented Preston-Giuliano Capital Partners in the transaction.

Mezzo of Tampa Palms is a three-story garden-style property with an average market rent exceeding $1,300 per month. Preston-Giuliano Capital Partners completed more than $3.4 million in capital improvements to the property since 2015. The 1992-vintage asset occupies 22 acres near several large employment centers including the Interstate 75 office corridor, the University of South Florida and downtown Tampa.

“The Tampa Palms submarket is very desirable for rental investors due to its preferred suburban lifestyle, excellent schools and immediate proximity to a broad range of employers concentrated along Interstate 75 and surrounding nearby University of South Florida,” said Elorza.