JLL Capital Markets arranged the sale and financing for Cypress Court, a 148-unit independent and assisted living seniors housing community in the Escondido submarket of San Diego, California. The seller was an affiliate of Kisco Senior Living, and the buyer was Azure Partners.
The 10-year acquisition loan was arranged through Freddie Mac. Northstar Senior Living will continue to manage the asset, which marks the first seniors housing community acquired by Azure, a real estate investment firm, which is aiming to “rapidly” expand its portfolio in the sector.
Cypress Court offers 76 independent living and 72 assisted living units on 2.54 acres. It was stabilized at the time of sale. The four-story building features a parking garage, an outdoor garden, dining room, salon and barbershop, fitness center, activities room, library, art studio and a theater. Cypress Court also offers residents on-site programming, scheduled transportation and weekly housekeeping and linen service.
JLL’s Seniors Housing Capital Markets team was led by Senior Managing Director Aaron Rosenzweig and Senior Director Dan Baker. There was a good amount of interest in both the sale and the financing, given the low acuity nature of the property without memory care, a high historical occupancy rate and its location.
