Mitsui & Co.’s U.S.-based wholly owned subsidiary, MBK Real Estate, added nine senior living communities to its portfolio, at a price of $382 million, or about $318,000 per unit. Located in California, Washington and Arizona and totaling around 1,200 units, the communities were previously operated by West Living LLC.
MBK plans to renovate them and take advantage of their proximity to its other owned/managed properties to maintain operations. The properties are projected to bring in approximately $21 million of NOI in the first year, for a 6.6% cap rate before any impact of the renovations.
