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LTC REIT Acquires Private-Pay Seniors Housing in Morgan Hill
JLL Capital Markets completed the sale of Loma Clara, an 89-licensed-bed, Class A seniors housing community in Morgan Hill, for an undisclosed amount. Senior managing director Aaron Rosenzweig and Senior director Dan Baker marketed the property on behalf of the seller, Steadfast Senior Living, and procured the buyer, LTC REIT. The buyer will retain Discovery Management as the operator of the property.
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 approximately 92% occupied and is a full private-pay community. Units average 529 square feet each and residents have access to a variety of amenities onsite.
Loma Clara is positioned on a 1.73-acre site at 16515 Butterfield Blvd., about 24 miles south of San Jose. The primary market area serving Loma Clara has an affluent population where more than 56,000 residents are aged 65 or older.
- ◦Sale/Acquisition
