Rancho Santa Margarita Apartment Complex Sold to New York Firm

A New York-based real estate investment manager has bought a California apartment portfolio that includes a Rancho Santa Margarita complex for $100 million.

The purchase by Clarion Partners has added 586 units to its stable, according to Bloomberg Business Week, which said that Clarion added the properties aimed at senior citizens in order to capitalize on an aging population.

Buena Vida in Town Center, across the street from Central Park in Rancho Santa Margarita, is one of the three properties included in the deal. The other two are Village on the Green in Rancho Cucamonga, and Oak View at Sonoma Hills in Sonoma County.

The seller, according to Clarion vice president Suzanne Franks, was Carlsbad-based Kisco Senior Living.

Richard Pink, managing director of Clarion, said in a statement that "one of the strongest segments of demand within the current real estate market" is aging baby boomers, and this deal helps Clarion target that audience.

The three complexes have occupancy rates of at least 95 percent, according to Carion's satatement.

In the United States, Clarion says the number of Americans aged 65 and older will have increased from 38 million to about 44 million from 2008 to 2013, and after 2015 the rae will grow by about 2 million people each year.

“These three properties are all best in class, with substantial amenities and excellent locations in the highly desirable California market,” Pink said.