Standard Communities acquired three California seniors housing communities, comprising a total of 559 rental units in Anaheim, San Diego county, and the Bay area. They will be taking over operations from Denver-based property management group AIR Communities, with plans to upgrade the plumbing, HVAC electrical, fire safety and security, as well as make general repairs.
Heritage Village Anaheim is a spacious and upscale community consisting of 196 units. According to property records the purchase price was $64 million or about $326,531 per unit. Heritage Park Livermore, located just outside of San Francisco, comprises 167 units with an array of amenities. With rents starting at $2,000 a month, this acquisition brings affordable senior housing to the Bay area. Heritage Park Escondido is a resort-like community in southern California. This 196-unit community is just 30 miles north of San Diego, California.
The three-community acquisition seems to fit Standard’s investment strategy of acquiring and investing in more affordable housing properties for seniors. As of February 2022, Standard Communities aims to create $2 billion in middle income housing across California. According to the Levin Pro LTC database, all recorded Standard Communities acquisitions have all been affordable housing properties for seniors.
