NEW YORK, April 24, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, today announced its Real Estate Advisors group has closed the sale of Alta Manor seniors community in Roseville, CA. DiNapoli Capital Partners of Walnut Creek, CA acquired the property for $16,550,000 from an independent owner on April 1, 2015.
Built in 2008, Alta Manor today comprises 86 units, 60 of which are designated for assisted living residents and 26 of which are designated for memory care / dementia residents. Community amenities at Alta Manor include landscaped gardens and courtyards, a scenic nature trail, library, lounge, private banquet room, and beauty salon. The community, located northeast of Sacramento, expanded from just 70 units in 2008 and is over 70% occupied.
Mike Garbers, a Managing Director of Greystone Real Estate Advisors, led the sale. "There has been a flurry of interest in assisted living communities across the U.S., and with the additional memory care services at Alta Manor, this property will surely serve as a valuable addition to DiNapoli Capital Partners' portfolio," said Garbers.
DCP plans to reposition the property within the market, change the product mix and spend a substantial amount of capital expenditures including items such as unit renovations, common area upgrades, improved signage and FF&E in order to meet resident expectations within the Roseville marketplace. This transaction serves as DCP's fourth senior housing acquisition.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.
About Greystone Real Estate Advisors, Inc.
Greystone Real Estate Advisors, Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.
Greystone is a financial services and private investment group whose original core business is real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including real estate investments and real estate advisory services. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. For more information about Greystone, visit http://www.greyco.com.
Founded in 2004, DCP is a privately held real estate investment firm engaged in the acquisition, development & management of hotels, multifamily, office & senior housing. In 2012, DCP began their senior housing platform to engage in the acquisition, development and management of senior housing properties predominately located on the West Coast and Sunbelt States. DCP's value-add senior housing investment strategy is focused on Assisted Living and Memory Care properties that are in need of lease up, renovation / repositioning and improved operational efficiency.
CONTACT: PRESS CONTACT: Karen Marotta Director of Communications, Greystone 212-896-9149 KMarotta@Greyco.com