MBK completes 'largest single purchase,' $382 million acquisition of WESTliving properties
The Reserve at Thousand Oaks, one of nine new MBK Senior Living communities.
Irvine, CA-based MBK Senior Living has closed escrow on the largest single purchase in the company's 20-year history, spending $382 million to buy nine WESTliving senior living communities in Arizona, California and Washington, the company announced Friday.
The acquisition expands MBK's portfolio to 34 owned and managed communities in the Western United States. The company is a subsidiary of MBK Real Estate LLC, which has as a parent company Tokyo-based Mitsui & Co. Ltd.
The planned acquisition had been announced in May.
“This acquisition is part of MBK Senior Living's aggressive growth strategy,” MBK Senior Living President Jeff Fischer said in a statement. “The WESTLiving communities are a complement to our existing communities and allow us an enlarged presence in the markets we serve, as well as the ability to immediately expand into new areas where there is a great demand for quality senior living with engaging programing and outstanding care.”
The nine communities, which have a total of almost 1,200 units, include:
- McDowell Village, an independent living and assisted living community in Scottsdale, AZ;
- Estancia Del Sol, an assisted living and memory care community in Corona, CA;
- The Montera, an assisted living and memory care community in La Mesa, CA;
- The Reserve at Thousand Oaks, an assisted living community in Thousand Oaks, CA;
- Dale Commons, an assisted living community in Modesto, CA;
- The Commons at Elk Grove, an assisted living and memory care community in Elk Grove, CA;
- The Commons at Union Ranch, an assisted living and memory care community in Manteca, CA;
- The Commons at Thornton, an assisted living and memory care community in Stockton, CA; and
- The Belletini, an independent living and assisted living community in Bellevue, WA.
“We're thrilled to welcome these beautiful communities, current residents and team of outstanding caregivers and service providers to the MBK family and are eager to have them learn first-hand the unique benefits and offerings available through MBK's signature programs and services,” Fischer said.