Fremont, Pleasant Hill Senior Housing Properties Sold

Two more senior housing properties in the Bay Area have come under new ownership.

Dana Point-based CareTrust REIT, acting through affiliates, acquired the care facilities in Fremont and Pleasant Hill for $61.7 million total, Mercury News reported. The seller in the all-cash deals was not disclosed.

CareTrust spent $35.4 million for Windsor Country Drive Care Center at 2500 Country Drive in Fremont, according to Alameda County documents cited by the Mercury News. The facility has 126 beds and serves residents in need of skilled nursing, long-term care and rehabilitation.

Up north in Pleasant Hill, CareTrust acquired Rosewood Post Acute for $26.3 million. The property at 1911 Oak Park Boulevard has 113 beds and also specializes in skilled nursing, acute care and rehabilitation.

The disposition of the two properties follows the recent sales of two other senior care facilities in the Bay Area.

Last month, Vacaville-based Calson Management sold Crescent Oaks Memory Care in Sunnyvale and Silver Oaks Memory Care in Menlo Park for nearly $24.3 million in an off-market deal. Crescent Oaks traded for roughly $11.8 million while Silver Oaks sold for approximately $12.3 million. The buyer, Rocklin-based Kalesta Healthcare Group, took over operations of the two facilities last fall.

In November, Harrison Street Real Estate bought the Ivy Park at Los Gatos complex for $54 million from a joint venture between Vacaville-based Chronograph Properties and San Jose-based Swenson. That 114-unit complex at 400 Blossom Hill Road in Los Gatos sold for well above its assessed value from January of $38.4 million.

As more baby boomers age, the so-called “silver tsunami” is creating an increased need for places to house them. Align Real Estate is among the firms looking to meet that demand in the East Bay.

Last week, the San Francisco-based developer filed an application to build a pair of high-rise senior housing towers at 5727 College Avenue in Oakland’s Rockridge neighborhood. The plans call for replacing an existing retail center anchored by a Trader Joe’s with 415 units of housing geared toward senior citizens across 31- and 25-story buildings on a 1.5-acre site. Of the 415 residences, 371 would be independent units, 18 would be for assisted living and 26 would be dedicated to memory care.

— Chris Malone Méndez