Florida-based Kayne Anderson Real Estate acquired Casa Sandoval, a 187,926-square-foot senior housing community in Hayward, CA, for $39 million. Constructed in 1990, the community offers a total of 235 licensed beds for independent, assisted living, and memory care expansion under a redevelopment capital investment improvement plan.
The private equity firm acquired the property using its recently raised $1.85 billion private equity fund; Kayne Anderson Real Estate Partners (KAREP V), a fund focused on senior housing, medical office buildings along with student housing.
Faris Lee Investments Gene Ventura represented the buyer in the off-market transaction.
Ventura says, “The rate at which American Seniors are retiring is staggering. Nearly 80 million baby boomers will reach 65 by 2025, creating a great demand for senior living communities. This sector is experiencing a new high and with its proven resilience to the economic expansions and contractions, we are confident that this sector will continue to thrive over the next decade.”