Cushman & Wakefield’s Senior Housing Capital Markets team, acting as exclusive advisor to San Diego-based West Partners, LLC, has arranged the sale of Bella Villaggio, a just-completed, trophy-quality 148-unit assisted living and memory care community located in Palm Desert, California. The property was marketed for sale while construction was still being completed, and the transfer of ownership is occurring shortly after the property’s receipt of Certificate of Occupancy and licensure. Bella Villaggio is a best-in-market senior housing community with unbeatable finish levels, curb appeal and visibility. The property was acquired by Lytle Enterprises, LLC, a leading national investor in senior housing communities based in Bellevue, Washington. Lytle will use Leisure Care to operate the community. Terms of the transaction were not disclosed.
Bella Villaggio is constructed to the highest-quality standard of senior housing living and lifestyle with best-in-class unit finishes and community amenities. The community benefits from its location in Palm Desert, a premier retirement and vacation destination given the world-renowned weather and climate plus the amenities and lifestyle options in the area such as PGA golf courses, high-end shopping, and superb restaurants.
The Cushman & Wakefield team involved in the transaction included Vice Chair Richard Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig and Associate Sam Dylag.
“The marketing of this transaction was tremendously competitive,” noted Swartz. “Bella Villaggio represents a strong opportunity to acquire a flagship-quality AL/MC community in a destination retirement location with supreme barriers to entry. The unique design including large common spaces and units, along with limited senior housing competition, and strong preleasing led to tremendous interest level. We are very excited with the execution for our client, West Partners, and delighted for Lytle to assume ownership of this unique property.”
About Lytle Enterprises, LLC
With a long history of leadership and having been at the forefront of the senior housing industry for over four decades, Lytle Enterprises is well-respected in the senior housing industry.
Continuing to explore ways to improve the lives of their residents is a cornerstone of Lytle Enterprises. The company’s innovation led the way in the introduction of hotel-style design and amenities, health and wellness programs, travel and concierge services, restaurant-style dining, and other senior-focused services that are commonplace throughout the industry today.
Lytle Enterprises helped define the best in senior living and continues to influence the design and operation of retirement communities. The company is committed to the highest standards for its residents, partners, and investors.
Chuck Lytle founded Lytle Enterprises and Leisure Care in 1976. Karen Lytle joined in 1981, and together they successfully led both companies. In 2003, the Lytles sold Leisure Care to the company’s chief executive, who shares their vision and commitment to excellence. Today, the companies retain a strong operational partnership − Lytle Enterprises maintains ownership of its assets, while Leisure Care provides operational management of the Lytle properties.
The company’s current portfolio includes properties in Arizona, California, Idaho, Missouri, New Mexico, Oregon, and Washington. http://lytleenterprises.com/
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.