$15M Acquisition of Senior Housing Assisted Living/Memory Care development site for 80 units, 55,000 sf.
Acquired on behalf of Artis Senior Living as part of new West Coast development platform.
IPG Services Provided
Site identification, due diligence, underwriting, market analysis, entitlements, design development.
Our experts on this project
- $15M development site acquired on behalf of Artis Senior Living as part of new West Coast development platform.
- Highly competitive bidding process. Buyer was vying for a high profile acquisition opportunity with a competitive bidding process involving multiple buyers.
- Quick close. Required 75 day closing without entitlements.
- Neighborhood opposition. Required extensive meetings with the city and neighbors while under contract to obtain the comfort level necessary for the buyer to close on an unentitled site.
- Expensive purchase. Represented the most expensive site in buyer’s history, adding to the risk profile of the deal.
- Market assessment. Required extensive market research and competitive analysis to get comfortable with the high rents needed to justify such an expensive site and investment.
- Won highly competitive bidding process (20+ bidders) through strength and credibility of Buyer and demonstration of need for assisted living/memory care facility.
- Closed in 75 days without entitlements.
- Convinced the buyer to close without entitlements by (1) working closely with the city during due diligence and demonstrating the high likelihood of obtaining necessary approvals and, (2) performing extensive worst case analysis to create exit strategy of reselling the site in the event entitlements were unsuccessful.
- Obtained entitlements consisting of zone change, conditional use permit, design and architectural approvals over a 2.5 year period involving a highly visible public process.
- Worked closely with the Planning Commission and City Council and performed extensive neighborhood outreach to build support for discretionary zoning approvals.