Vivante on the Coast, a high-end retirement community near Hoag Memorial Hospital Presbyterian in Newport Beach, is expanding.
Santa Ana-based Nexus Cos., the developer of the 185-unit project, which opened in 2013, last month got approval from Costa Mesa’s planning commission to build a second phase of the project on a 2.25-acre lot next to its existing facility.
Plans call for the second phase of Vivante, which is on Monrovia Avenue, to hold an additional 111 independent- and assisted-living units for 130 total beds. It will run about 148,000 square feet, according to Nexus.
The four-story facility also will include a 1,700-square-foot fitness center and a 3,900-square-foot community events center. Membership in the fitness center will be available “at a nominal cost” for local nonresidents of Vivante who are older than 60, according to city documents.
The site prior to the planning commission’s approval was entitled for a 42,000-square-foot office development.
Monthly rents for a majority of the units—which range from studios of about 450 square feet to two-bedroom units with close to 1,200 square feet—started at nearly $4,000 and ran to almost $7,000 at the time of the facility’s opening.
Residents have amenities such as an indoor saltwater pool, rooftop lounges, a coffee bar, hair salon, fitness center, a children’s entertainment room, and dining areas featuring a sushi bar and wood-fired pizza oven. The community also facilitates close ties to Hoag’s nearby health services for residents.
The existing facility includes 40 units dedicated to residents with memory impairment diseases, such as Alzheimer’s disease.
Vivante last year received an award for the best assisted living/special needs community by the National Association of Homebuilders 50+ Housing Council.
Nexus officials have placed a $100 million cost on the project’s development. The developer got a $72 million loan for the property in 2014.
Nexus is looking to build a similar type of project in Palm Springs. It also has an active hotel development pipeline.
Church Buy
Rick Warren’s Saddleback Church has bought a three-story office about a mile from its main campus in Lake Forest.
Mission Foothills Professional Building, a 52,091-square-foot building at 20532 El Toro Road in Mission Viejo, was sold for about
$12 million, or $230 per square foot, according to CoStar Group Inc. records. It was bought from Providence Capital Group in Encinitas, which acquired the building in 2011 for a reported $6.5 million.
Mike Adams of Stream Realty Partners represented the buyer and seller in the transaction. At the time of the sale, the building was 94% occupied. The church said it plans to grow into the building as current tenants’ leases expire.
The property includes an extra 13.2 acres that will allow the church to develop the site and accommodate future growth, according to Adams.
Apartment Offering
Newport Beach-based KBS Realty Advisors put up for sale an 11-property multihousing portfolio that it runs in a venture with Foster City-based Legacy Partners Residential Realty.
KBS Legacy Partners Apartment REIT Inc., a nontraded real estate investment trust formed in 2009, last month placed its 3,039-unit portfolio on the market. Brokerage HFF LP has the listing.
An asking price hasn’t been disclosed. The properties were valued at about $480 million last September, according to regulatory filings.
The apartment complexes are in Minnesota, Illinois, Missouri, Texas, Maryland, North Carolina and South Carolina. They are about 95% occupied and took in about $3.5 million in monthly rents at the end of last year.
The offering “presents investors with a unique opportunity to not only acquire institutional high-quality assets in key markets, but, if purchased in its entirety, also presents the opportunity to acquire the REIT vehicle itself in its entirety,” HFF’s Matthew Lawton said in a statement.
