(RECAP: Residents of Fairfax County, Virginia, haven’t been able to get on the waitlist for public housing in the area in 10 years due to high demand for affordable housing, but that’s about to change. Fairfax County officials announced recently that the county’s housing authority will soon be opening up the Rental Help Demonstration Waitlist for the first time since 2007.)
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(RECAP: With the costs of homes and apartments on the rise in Arlington County, officials are looking to give some of their residents a break, specifically for some eligible seniors in the county. Katie Cristol, the Arlington County Board Chair, is discussing ways to implement the county’s real estate tax relief program for the elderly.)
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IRVINE, CA – MBK Senior Living announced the close of escrow on nine new senior living communities located in California, Washington and Arizona. This acquisition marks the company’s largest single buy and expands the portfolio to 34 owned and managed communities located throughout the Western United States.
Bought for $382 million, the nine communities are comprised of a mix of independent living, helped living and memory care programs and include nearly 1,200 units. MSL was represented by Latham & Watkins LLP in connection with this transaction. Koley Jessen P.C. served as legal counsel to West Living, LLC. Cushman & Wakefield Senior Housing Capital Markets, acting as exclusive advisor to San Diego-based West Partners, arranged the sale of the West Living, LLC portfolio.
“This acquisition is part of MBK Senior Living’s aggressive growth strategy,” said Jeff Fischer, president of MBK Senior Living. “The West Living communities are a complement to our existing communities and allow us an enlarged presence in the markets we serve, as well as the ability to immediately expand into new areas where there is a fantastic demand for quality senior living with engaging programing and outstanding care.”
The new MBK Senior Living communities include:
McDowell Village – Scottsdale, Arizona, independent living & helped living
Estancia Del Sol – Corona, California, helped living & memory care
The Montera – La Mesa, California, helped living & memory care
The Reserve at Thousand Oaks – Thousand Oaks, California, helped living
Dale Commons – Modesto, California, helped living
The Commons at Elk Grove – Elk Grove, California, helped living & memory care
The Commons at Union Ranch – Manteca, California, helped living & memory care
The Commons at Thornton – Stockton, California, helped living & memory care
The Belletini – Bellevue, Washington, independent & helped living
“We’re thrilled to welcome these gorgeous communities, current residents and team of outstanding caregivers and service providers to the MBK family and are keen to have them learn first-hand the unique benefits and offerings available through MBK’s signature programs and services,” added Fischer.
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