A Denver investment firm has acquired a Vista assisted living center for $22.8 million.
Northstar Commercial Partners bought Vista Gardens, 1863 Devon Place, from an undisclosed seller.
Guest Services Senior Living will renovate, rebrand and manage leasing of the property. About $1.8 million in renovations are planned.
Built in 2011, the 43,996 square-foot center has 99 beds in private and semi-private rooms and was 95 percent occupied at the time of the sale.
“We are thrilled for the opportunity to help provide quality care for so many seniors and grateful to share this partnership with Guest Services Senior Living,” said Brian Watson, founder and CEO of Northstar Commercial Partners. “They have phenomenal insight and experience creating spaces that are fresh, innovative and inviting.”
Northstar owns similar centers in Colorado, New Mexico, Illinois and Michigan.
Real estate reporter Ray Huard may be reached at rhuard@sdbj.com or 858-277-8904.
