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.

...

Attributes

Number of units

155

Building area net

16,372 m²

Occupancy

94%

Year built

2016

Number of floors

Investment strategy

Core Plus

Media

Investment Highlights

Strong In-Place Cash Flow with Growth Potential
The Community currently generates over $6 million of in-place NOI, with a year-to-date operating margin in the mid 30% range and spot occupancy in the mid-90% range.
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 in close proximity.
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.