Artemis Real Estate Partners has acquired a luxury senior living community in Newport Beach, California, from an affiliate of the healthcare real estate investment trust Salesproperty records show.
Investment firm Chevy Chase, Md Atria Beach Newport168-unit senior living community at 393 Hospital Road for $88.5 million, or $526,785 per unit. The property is close to Newport Boulevard and Hog Hospital in one of Orange County’s wealthiest coastal communities.
Atria Senior Living partnered with the buyer in the transaction and will continue to operate the community.
JLL Capital Market announced that they manage the sale, including the financing of the acquisition, but do not identify either the buyer or the seller, or reveal the value of the deal. Brokers represent sellers. It did not disclose the amount owed by the unknown life insurance company.
The property includes two three-story buildings to be completed or renovated in 2021 and 2023. Studio, one-bedroom and two-bedroom units include 126 living and assisted living units and 42 memory care units. Amenities include dining, movie theater, fitness center, library, and salon and spa, as well as concierge service.
Transaction follows a $52 million refinancing in August 2024. JLL’s Aaron Rosenzweig and Dan Baker representing the seller in the latest transaction and arranging the financing of the acquisition.
Artemis invests in senior housing, medical offices, multifamily, industrial and hospitality properties, while Ventas is one of the largest owners of health care real estate in the country. Neither company was immediately available for contact.
Gregory Cornfield can be reached gcornfield@commercialobserver.com.