Greystone announced its Real Estate Advisors group has closed the sale of Alta Manor seniors community in Roseville, CA. DiNapoli Capital Partners of Walnut Creek, CA acquired the property for $16,550,000 from an independent owner on April 1, 2015.
Built in 2008, Alta Manor today comprises 86 units, 60 of which are designated for assisted living residents and 26 of which are designated for memory care / dementia residents. Community amenities at Alta Manor include landscaped gardens and courtyards, a scenic nature trail, library, lounge, private banquet room, and beauty salon. The community, located northeast of Sacramento, expanded from just 70 units in 2008 and is over 70% occupied.
Mike Garbers, a Managing Director of Greystone Real Estate Advisors, led the sale. “There has been a flurry of interest in assisted living communities across the U.S., and with the additional memory care services at Alta Manor, this property will surely serve as a valuable addition to DiNapoli Capital Partners’ portfolio,” said Garbers.
DCP plans to reposition the property within the market, change the product mix and spend a substantial amount of capital expenditures including items such as unit renovations, common area upgrades, improved signage and FF&E in order to meet resident expectations within the Roseville marketplace. This transaction serves as DCP’s fourth senior housing acquisition.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.