Assisted living community near San Francisco trades for $39.2M
JLL Capital Markets led the sales efforts for Cortona Park on behalf of Northwestern Mutual
SAN FRANCISCO, June 29, 2022 – JLL Capital Markets announced today that it has closed the $39.2 million sale of Cortona Park, an assisted living community in Brentwood, California.
JLL represented the seller, Northwestern Mutual, in the sale of the asset to a joint venture between Cogir and a national investment partner. Cogir will operate the community and has renamed it Cogir of Brentwood.
Built in 2007, Cortona Park comprises studio, one- and two-bedroom units averaging 761 square feet. The pet friendly apartments feature large floorplans with granite counters, in-unit washer and dryer and private balconies. The property amenities include a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theatre, billiards, fireside living room and a community room with meeting space. In addition, the property offers concierge services, a 24-hour security system, postal services, a business center, wireless internet access and special dietary services.
Situated on 4.27 acres at 150 Cortona Way, Cortona Park is adjacent to John Muir Health Urgent Care. Additionally, the community is 4.7 miles from Kaiser Permanente Antioch Medical Center and 7.2 miles from Sutter Delta Medical Center. Residents have convenient access to the Bay Area Rapid Transit (BART), which provides transportation to the greater San Francisco area.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Charles Bissell and Director Dean Ferris.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northwestern Mutual
Northwestern Mutual, a Fortune 100 financial security company and one of the largest real estate investors in the nation, invests in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. Its $60+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments. Northwestern Mutual Real Estate is a financing source that provides experienced and knowledgeable people, quick and decisive action and flexible, creative solutions.
About Cogir
A subsidiary of Cogir Real Estate, Cogir Management USA operates 23 signature senior living communities in West Coast neighborhoods spanning from greater Seattle to the San Francisco Bay Area. As part of this well-known name in Canadian real estate, Cogir Senior Living draws upon 25 years of residential and senior living management as well as hospitality expertise.