The Community
SLIB brokered the $30M sale of an expansive 320-unit Active Adult / Age Restricted (55+) apartment complex located in sunny Hemet, California. Situated across 17 buildings on more than 9 spacious acres, the community has been excellently maintained and offers a clubhouse, card room, social activities, community garden and swimming pool for residents to enjoy. Hemet is part of California’s greater Inland Empire region within the San Jacinto Valley of Riverside County, approximately 80 miles southeast of downtown Los Angeles.
The Process
SLIB targeted both senior living groups and traditional multifamily Buyers for this Active Adult apartment complex. After aggressively (yet confidentially) marketing the community, SLIB obtained 7 competitive offers from a qualified mix of Buyers. Tours were conducted with the three top offers, and a final Buyer was chosen whom had extensive experience in the local market.
The Result
The Seller group was a privately-owned multifamily group with a West Coast focus. The chosen Buyer is a regional multifamily group with strong California presence and experience. The Buyer group will add this to their existing portfolio of other Active Adult / Age Restricted (55+) communities in the state.
Oak Terrace Senior Apartments
The Community
SLIB brokered the $30M sale of an expansive 320-unit Active Adult / Age Restricted (55+) apartment complex located in sunny Hemet, California. Situated across 17 buildings on more than 9 spacious acres, the community has been excellently maintained and offers a clubhouse, card room, social activities, community garden and swimming pool for residents to enjoy. Hemet is part of California’s greater Inland Empire region within the San Jacinto Valley of Riverside County, approximately 80 miles southeast of downtown Los Angeles.
The Process
SLIB targeted both senior living groups and traditional multifamily Buyers for this Active Adult apartment complex. After aggressively (yet confidentially) marketing the community, SLIB obtained 7 competitive offers from a qualified mix of Buyers. Tours were conducted with the three top offers, and a final Buyer was chosen whom had extensive experience in the local market.
The Result
The Seller group was a privately-owned multifamily group with a West Coast focus. The chosen Buyer is a regional multifamily group with strong California presence and experience. The Buyer group will add this to their existing portfolio of other Active Adult / Age Restricted (55+) communities in the state.
