Avison Young announces $23.5 million sale of a 201-bed senior housing facility to owner-user in Van Nuys, CA
February 9, 2024
Los Angeles, CA – Avison Young announces today the $23.5 million sale of a 201-bed senior housing facility located at 6700 Sepulveda Boulevard in Van Nuys, CA. Situated on just over two acres of land, the property totals 49,818 square feet.
Avison Young Principal Peter Sherman who is out of the firm’s West Los Angeles office and Principal Keith O’Donnell who is out of the Boca Raton, FL office represented the seller, Boca Raton-based Pinnacle Holdings of Florida, Inc. An entity of California Healthcare & Rehabilitation Center who was the tenant at the property, was the buyer. The buyer will continue to occupy the asset.
“The seller was interested in executing the disposition of this asset as an off-market transaction,” said Sherman. “Our team pursued a targeted strategy to both developers and senior housing operators. Ultimately, due to the higher costs of construction and capital required for development, senior housing operators provided the strongest buyer pool, and it made sense to negotiate a deal with the existing tenant.”
“This was a seamless execution, and the ownership was delighted with the process and outcome. The cooperation between the West Coast team, led by Peter Sherman, and our East Coast team made all the difference,” said O’Donnell.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.