JLL Capital Markets completed the sale of Loma Clara, an 89-licensed-bed, Class-A seniors housing community in Morgan Hill, California. JLL’s Seniors Housing Capital Markets team marketed the property on behalf of the seller, Steadfast Senior Living, and procured the buyer, LTC Properties. The REIT acquired the community within its SHOP segment with an estimated year-one yield of 7%, and will retain Discovery Management (an affiliate of Discovery Senior Living) as the operator, establishing a new relationship.
Completed in 2018, Loma Clara is a two-story building offering 42 assisted living units and 25 memory care units with 41 beds. The property is 92% occupied and is a full private-pay community, with units averaging 529 square feet. It is positioned on a 1.73-acre site, adjacent to an active adult community and numerous medical facilities, including a major hospital.
LTC Properties’ second quarter press release noted the community was making $2.71 million of EBITDAR, and was acquired for $35.2 million, or $525,400 per unit, at an 8% cap rate. That is one of the higher per-unit prices we have seen so far in 2025. JLL’s Seniors Housing Capital Markets team representing the seller was led by Senior Managing Director Aaron Rosenzweig and Senior Director Dan Baker.
