Avalon Senior Living has partnered again with Eastridge Pacific Holdings, LLC (EPH), this time buying three senior living communities in California from HCP, Inc. that had been leased to Brookdale Senior Living. The 205 units (210 beds) offer independent living, assisted living and memory care services.
The purchase price was $15.7 million, or $76,585 per unit, and came with an approximate cap rate of 8.0%. Mike Garbers, formerly of Greystone and now with JLL, represented the seller, and MidCap Financial provided the mortgage financing.
Eastridge Pacific entered the senior living industry in 2016 as an equity partner in Kalakaua Gardens, a 17-story community in Honolulu with 216 beds. It is managed by Avalon, which launched the partnership between the two companies. EPH’s parent company is based in China, and together they have completed over $1.5 billion in real estate transactions.
Based in Salt Lake City, Avalon is a subsidiary of Avalon Healthcare Group and was formed in 2014 and currently manages 10 senior living communities with several more in negotiations. All of their communities are in partnership with developers, owners, operators and joint venture partners.