Newmark arranged the sale and financing for a seniors housing community in Huntington Beach, California. The seller, Bascom Group, was represented by Newmark Vice Chairman Dean Zander, who worked on the deal with Voit Real Estate Services’ Joe Leon and Nick Ingle. Huntington Breeze is a 114-unit, 103,000-square-foot active adult community that was built in 1987 and renovated in 2017.
Newmark Executive Managing Directors Vincent Punzi and Lowell Takahashi facilitated acquisition financing on behalf of the buyer, WSW Property Ventures, a new venture headed by Steve Wasserman, Pamela Scott and George Wu. WSW plans to unlock additional value through strategic initiatives, including the potential development of accessory dwelling units, capturing below-market rents and implementing a renovation program. The purchase price was $35 million, or $307,000 per unit.
