Atria at Foster Square_Property for Sale
Atria at Foster Square_Property for Sale
707 Thayer Lane, Foster City, CA, 94404, US

Atria at Foster Square

Asset Description

Atria Foster Square, a recently built 155-unit 100% private pay trophy level Assisted Living, & Memory Care Community for sale in the Silicon Valley, California (San Mateo County) Metro Area, was originally built in 2016 and is currently 94% occupied, with strong in place operating margins and cash flow with immediate upside through rate growth. The highly amenitized building achieves REVPOR over $11,000 and offers residents one of the highest end options in the Bay Area.


Located in Foster City, a special and unique enclave east of Highway 101, the Community is part of a master plan development that features 200 high-end age-restricted condominiums and 30,000 sq ft of fully-leased retail space. The Community is adjacent to Foster City Hall and the area's largest state of the art Jewish Community Center, as well as a wide array of amenities including a mixed-use grocery anchored retail complex, schools, restaurants, retail, and high-end residential neighborhoods. The location offers direct access to the heart of Silicon Valley, along with close proximity to San Francisco International Airport (SFO) 15 minutes away.

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Attributes

Number of units
155
Building area net
16,372 m²
Occupancy
94%
Year built
2016
Number of floors
6
Investment strategy
Core Plus

Media

Investment Highlights

  • Strong In-Place Cash Flow with Growth Potential
  • The Community currently generates nearly $6.5 million of in-place NOI, with a year-to-date operating margin of 34% and spot occupancy in the mid-90’s.
  • The property is fully stabilized and Atria forecasts NOI to reach $7.5 million in 2025
  • Affluent Demographics Underpinned by Strong Bay Area Real Estate Fundamentals
  • Located in the heart of Silicon Valley, the median home value within 15 minutes of the site is an impressive $2M, and the senior population over the age of 75 is projected to grow by nearly 7% over the next five years.
  • The market features an estimated 390,000 people living within a 15-minute drive, with an exceptional average income of $238,000.
  • Excellent Pricing Power
  • The Community is achieving REVPOR in excess of $11,000 with an incredible $14,000 per month for memory care.
  • The Community has a strong recent history of rate increase, averaging approximately 11% over the past five years.
  • High Visibility Location within Master-Planned Community Development for Seniors
  • The Community is conveniently accessible off of Highway 101 and part of a thoughtfully-designed master plan development featuring 30,000 sq ft of activated retail space and over 200 units of age-restricted condominiums.
  • Premier Operator & Branding
  • Operated under Atria’s Signature Brand, featuring a hospitality-forward model to meet the expectations of high-rate customers.
  • Atria Senior Living is one of the leading operators in California, managing 33 communities across Northern and Southern California.
Atria at Foster Square 4_Property for Sale
Atria at Foster Square 4_Property for Sale

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Last updated
30 Oct 2024