Trico Property CA, WA, HI
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OVERVIEW Geneva Equities III, LLC has formed Geneva Equities II Trico, LP for the purpose of acquiring a portion of the Fritz H. Wolff portfolio which includes a 10% interest in Monterey multi-family, a 10% interest in an assisted living facility in Oahu, Hawaii and a 5% interest in a newly constructed and now leasing assisted living facility in Lynnwood, Washington (Seattle area). The properties are being purchased at the cost of the investment plus cost of capital at 6%. CALIFORNIA PROPERTY Kimberly Place – Monterey, California – Severely constrained market place, 96 units, great finishes, large housing affordability gap, and excess depreciation helps offset assisted living income.
MAP / PHOTOS: Visit the Kimberly Place property, located in Monterey, CA.
MAP / PHOTOS: Visit the Oceanside property, located in Oahu, Hawaii. Oceanside at Punaluu, LLC – Oahu, Hawaii – 149 bed senior care facility on the north side of Oahu. Currently in operation at 70% occupancy which represents a breakeven status. Market study shows shortage of residences and higher than average demand for retirement living. Rents are 30% less on the north side. Current owner is 80 years old and wants to return to Oregon. Plan to increase occupancy by 33 beds within 12 months. Currently 10 new residents are moving in. Leasing 23 to meet 12 months proforma. Strong gap between supply and demand.
WASHINGTON PROPERTY Quail Park at Lynnwood – Lynnwood, Washington – 16 acre site. Phase I is under construction and on budget within the completion schedule to open October 2013, 5 acres, 85 assisted living quarters, 45 Alzheimer quarters. Current reservations of 54, original projections were 16. Expect 60 by October opening. Future potential to add 90 more units during Phase II of construction. MAP / PHOTOS: Visit the Quail Park property, located in Lynnwood, Washington.
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