D.C. Firms Buys Local Care Facility for $9.5 MillionTuesday, April 24, 2012
Capitol Seniors Housing of Washington, D.C., has purchased Garden Park Villas, an assisted-living care community in Escondido.
A company spokeswoman said April 23 that the purchase price was $9.5 million. The seller of the 89-unit property, at 1342 N. Escondido Blvd., was Escondido Assisted Living LLC, according to CoStar Group.
A statement from Capitol Seniors Housing said the company plans to invest in upgrades of the property, including converting up to 12 assisted-living units to memory care services, changing the unit mix to 47 assisted-living and 42 memory care units. Memory care units provide assistance for patients with dementia and Alzheimer’s, in addition to the care provided in the assisted-living units.
The facility’s current operator, Integral Senior Living of Carlsbad, will stay on under the new owner, the statement said.
Capitol Seniors Housing said it purchased the local facility with debt financing from the U.S. Department of Housing and Urban Development, with 40-year amortization at 3.47 percent interest.