Artemis Real Estate Buys Newport Beach, Calif., Senior Living Community From Ventas

Artemis Real Estate Partners has acquired a luxury senior living community in Newport Beach, Calif., from an affiliate of health care real estate investment trust Ventas, property records show.

The Chevy Chase, Md.-based investment firm acquired Atria Newport Beach, a 168-unit senior living community at 393 Hospital Road, for $88.5 million, or $526,785 per unit. The property sits near Newport Boulevard and Hoag Hospital in one of Orange County’s most affluent coastal communities.

Atria Senior Living partnered with the buyer in the transaction and will continue operating the community.

JLL Capital Markets announced that it arranged the sale, including acquisition financing, but did not identify either the buyer or the seller, or disclose the value of the deal. The brokerage represented the seller. It did not disclose the amount of debt from an unidentified life insurance company.

The property comprises two three-story buildings completed or renovated in 2021 and 2023. The studio, one-bedroom and two-bedroom units include 126 independent living and assisted living units and 42 memory care units. Amenities include dining venues, a movie theater, a fitness center, a library, and a salon and spa, as well as concierge services.

The transaction follows a $52 million refinancing in August 2024. JLL’s Aaron Rosenzweig and Dan Baker represented the seller in the latest transaction and arranged the acquisition financing.

Artemis invests in senior housing, medical offices, multifamily, industrial and hospitality properties, while Ventas is one of the country’s largest publicly traded health care real estate owners. Neither firm was immediately available for contact.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.