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The BLVD Group Acquires Bonnie Brae Terrace Senior Housing In Belmont, CA For $18M

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SOLD
$18,000,000

California

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Senior Housing
Sold 09/29/2023
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SOLD

The BLVD Group Acquires Bonnie Brae Terrace Senior Housing In Belmont, CA For $18M

2400 Carlmont Drive

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Senior Housing
Sold 09/29/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Senior Housing
Transaction Type:Sale

The BLVD Group, represented by Robert Budman, has acquired the 164-unit Bonnie Brae Terrace senior housing community in Belmont, CA. The property, located at 2400 Carlmont Drive, was sold by Lesley Senior Communities, represented by Catherine Evans. The sale price for the property was $18 million.

Summary of transaction details

  • Property Type: Senior Housing
  • Transaction Amount: $18,000,000
  • Address: 2400 Carlmont Drive
  • Market: Belmont

The BLVD Group plans to renovate the Bonnie Brae Terrace senior housing community, ensuring its affordability and enhancing its amenities. The acquisition was made possible through a $10.8 million Fannie Mae loan obtained by The BLVD Group. The future renovations will include the addition of a fitness center and a movie room.

Players

RB
Robert Budman
3 deals$150.5M volume
BUYER
RB
Robert Budman
3 deals$150.5M volume
BUYER

Details

SOLD
IMAGE: Robert Budman DATE: 09/29/2023 ADDRESS: 2400 Carlmont Drive MARKET: Belmont ASSET TYPE: Senior Housing BUYER: The BLVD Group (@BLVDGroup) - Robert Budman SELLER: Lesley Senior Communities - Catherine Evans SALE PRICE: $18,000,000 UNITS: 164 ~ PPU: $109,756 NOTE: The BLVD Group has purchased the 164-unit Bonnie Brae Terrace senior housing community in Belmont, CA, for $18 million. They secured a $10.8 million Fannie Mae loan for the acquisition and plan to renovate the property, maintaining affordability and adding amenities like a fitness center and movie room.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$960,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20