Berkadia Irvine Office
2020 Main Street, Suite 200
Irvine, CA 92614
HW Senior Living is a 310-unit, independent senior living apartment community located in Westminster, California, approximately five miles northeast of the coast of California. Built in 1987, the mid-rise property consists of four-story, wood-frame constructed buildings featuring stucco and wood exteriors with pitched composition shingle built up asphalt roofs. Situated on 6.2 acres of land with 183,170 square feet of rentable space, HW Senior Living contains a unit mix comprised of 30 studio units spanning 430 square feet each, 213 one-bedroom units measuring 560 square feet each, and 67 two-bedroom units ranging from 730 to 860 square feet, with an average unit size of 591 square feet. The property is beautifully landscaped with well-maintained grass areas, tree-lined walkways, neatly manicured shrubs and bushes, and colorful flower beds. Community amenities include a swimming pool, spa, clubhouse, business center, conference room, fitness center, courtyard, elevators, gated / controlled access, barbeque grills, and laundry facilities.
Air conditioning, heat, Internet access, ceiling fans, intercom, linen closet, window coverings, and walk-in closet
Fully equipped kitchen with a dishwasher, disposal, stove, microwave, and a pantry
The property is three miles from Bella Terra which is an open-air shopping center that offers major retailers such as Costco, Kohl’s, Staples, and Whole Foods. Bella Terra also offers a movie theater and many restaurant options such as California Pizza Kitchen, Luna Grill, Eureka!, and Romano’s Macaroni Grill. Nearby shopping centers include Westminster Center (Albertsons, Ross Dress for Less, and Petco) and Pavilions Place (Target, Vons, Panera Bread, and Jamba Juice). Also, Pacific City is located about seven miles from the property in Huntington Beach and offers 191,000 square feet of a lively outdoor shopping experience. Visitors of Pacific City can enjoy an upscale Equinox facility, several restaurant options such as Bear Flag Fish Co., il Barone Sicilian Street Food, Pie-Not, and more. Pacific City also has many retailers such as Tommy Bahamas, Urban Outfitters, Sephora, and H&M and offers various pop-up events throughout the year. South Coast Plaza is only ten miles from HW Senior Living and is considered one of the largest shopping malls in the U.S. It features over 280 retailers and restaurants such as Capital Grille, Maggiano’s Little Italy, Morton’s, Bloomingdale’s, Nordstrom, Sephora and The North Face. The property is only 15 miles from Fashion Island, an upscale, open-air, lifestyle center. Its luxury, designer, and fashion specialty boutiques and restaurants include Neiman Marcus, Nordstrom, Bloomingdale’s, Macy’s, Brooks Brothers, Sushi Roku, FIG & OLIVE, and many more.
The next investor can take advantage of the long-term growth dynamics of Orange County. Strong demand over the past few years has translated into low vacancy rates. The average vacancy rate in the Orange County apartment market is a low 4.1%, as of first quarter of 2019. Lower vacancy rates have consequently caused strong rental growth of approximately 4.6% per year average for the last five years. Additionally, the immediate submarket has not seen any new development in senior housing in the last twenty years.
The access to health care is a primary concern for the elderly population as their health needs become more complex. Residents of HW Senior Living have 20 easily accessible options of award-winning hospitals and urgent care centers within a ten-mile radius of the property. Huntington Beach Hospital is a 131-bed acute-care community hospital and member of the Prime Healthcare Foundation and is located less than four miles from the property. The 413-bed Fountain Valley Regional Hospital and Medical Center is only 6.8 miles from the property and is ranked among the top 25 hospitals in the Los Angeles metro area. UCI Medical Center only 8.2 miles from the property is Orange County’s only academic health system and is ranked among the nation’s best hospitals by U.S. News and World Report in two adult specialties and ranked No. 11 in California. Hoag Memorial Hospital Presbyterian is a 443-bed acute-care hospital located in Newport Beach and is award-winning with national recognition in four adult specialties, ranked No. 4 in the Los Angeles metro area, and ranked No. 8 in California by U.S. News and World Report. There are also ten urgent care facilities all less than 10 miles from the property and are operated by Hoag Medical Group and the Memorial Care Medical Group. With all these options HW Senior Living residents have the convenience of being surrounded by some of the best medical care options in California.
HW Senior Living is conveniently located within Orange County and readily accessible to Los Angeles via Interstate 405. The property is nearby many of Orange County’s exceptional amenities, such as John Wayne Airport – 12.4 miles, Tustin Metrolink Station – 16 miles, Disneyland –9.2 miles, Anaheim Convention Center – 8.1 miles, Angel Stadium of Anaheim – 10.3 miles, Segerstrom Center for the Arts – 10.7 miles, Meadowlark Gold Club – 5.0 miles, Kindred Hospital – 0.9 miles, Huntington Beach Hospital – 4.6 miles, Fountain Valley Regional Hospital and Medical Center – 6.8 miles and UC Irvine’s state of-the-art Medical Center – just 8.2 miles away.
Berkadia is pleased to announce the exclusive offering of HW Senior Living, a 312-unit, active senior living apartment community built in 1987, (312 units are permitted, although only 310 units are currently in use). HWSL offers potential buyers an opportunity to acquire a “pride of ownership” senior apartment community, with upside potential by renovating the original unit interiors to a more modern level of finish, such as shaker cabinets, stainless-steel appliances, and by adding quartz countertops, backsplashes, refrigerators, and hardwood floors. The asset’s Central Orange County location in Westminster allows residents to rent rather than own in a beautiful area just five miles from the coast where home prices average $650,000. HWSL offers investors an opportunity to purchase one of the largest and most desirable active adult living communities in the Orange County marketplace. The property was originally built by current ownership on a ground lease with the city of Westminster. However, as of 04/2018 the ownership purchased the fee simple interest in the underlying land making HWSL a conventionally owned apartment building (land and improvements). The current ownership has historically operated the property at or near 100% occupancy with a significant focus on keeping the property immaculately maintained. As a result, expenses are operating above the typical averages for surrounding comparable properties. This provides the next investor a unique and lucrative opportunity to significantly and immediately reduce expenses to be competitive with comparable properties and raise rents based more on a 95% occupancy standard.
Centrally located in Orange County, Westminster features affordable living with easy access to some of Southern California’s favorite attractions. Home to a highly-diverse population, the city offers a small-town community feel and a one-of-a-kind atmosphere that is unrivaled. Residents can enjoy a wide range of shopping, dining, and entertainment options as well as numerous cultural and recreational opportunities throughout the city and the neighboring areas, such as Huntington Beach, Newport Beach, and Long Beach. Senior residents and thier families can also take advantage of the Westminster Senior Center Foundation that offers activities and services for the aging population of Westminster. The median home sale price in Westminster has nearly tripled since 2000, resulting in approximately a 6.2% decrease in homeownership since 2000, which has provided a significant boost in apartment demand.
Residents at HW Senior Living will delight in the myriad events and services provided by the caring staff of the Westminster Senior Center Foundation. In its mission to maximize the quality of senior life in the community, the Foundation publishes a bimonthly newsletter offering a complete calendar of activities catering to virtually every taste and interest. Venturing well beyond the essentials of meal plans and shuttle service, the Center offers a comprehensive program honoring the whole person. Practical, hands-on instruction such as a Smart Driver Course, Cell Phone Help, nutrition/wellness advice, Stretch & Flex, a diabetes support group, and even legal aid, engender independence and a healthful mind-set. The Center also provides residents with opportunities for volunteerism and community outreach, celebrations and dances, movie nights, even specialty classes like Hula Basics and Tai Chi, plus a variety of outings to Harrah’s and
Westminster’s Vietnam War Memorial is located at the Sid Goldstein Freedom Park, adjacent to the Rose Center Theater. The memorial features two 12-foot tall bronze soldier statues, one American and one Vietnamese, with an eternal flame at the center.
Located in Fountain Valley, California, Mile Square Regional Park is the perfect destination for recreational activities in Orange County. The urban park features three 18-hole golf courses, two lakes, an archery range, a 20-acre nature area, and much more.
The beautiful Rose Center Theater is a state-of-the-art venue that hosts a variety of theatrical performances and events.
Situated in the heart of Westminster, Little Saigon is a bustling community that contains a large mix of Vietnamese and Chinese Vietnamese businesses. As the focal point of the community, Asian Garden Mall, also known as Phuoc Loc Tho, is the largest Vietnamese-operated mall in the nation
The number of residents age 55 and up living within a 3-mile radius surrounding the property is 68,105 a number that is projected to increase by approximately 8.7% to 74,023 by 2023, which equates to a increase of 5,918 residents.
The Average Household Income within a 3-mile radius for households with an age of 65 and up is $55,044, by 2023, the Average Household Income is expected to increase 8.2% to $59,538.
There are currently 15,214 workplace establishments that employ over 221,515 people within a 5-mile radius of the site.
The average home price within 3 miles of the site is $758,370 which is 118.4% higher than the national average of $347,220.
Over 20 major hospitals, medical centers, and urgent care centers are located within a 10-mile radius of Westminster. Located in Westminster, the 109-bed Kindred Hospital - Westminster supports 500 jobs and specializes in the care of long-term patients experiencing medically complex illnesses. The hospital is a member of the Hospital Association of Southern California (HASC).
The 219-bed West Anaheim Medical Center, 131-bed Huntington Beach Hospital, and over a half dozen urgent care centers are also within close range. Thomson Reuters named West Anaheim Medical Center a Top 100 Hospital in the Nation in 2009, 2010, and 2012. In 2018, the hospital won the Healthgrades Patient Safety Excellence Award. Serving the surrounding area for the past 50 years, Huntington Beach Hospital has nearly 200 physicians and more than 400 health care and other professionals on staff.
Situated in the heart of Orange County, Westminster Mall serves the affluent suburbs and coastal communities of Southern California. As one of the area’s leading shopping venues, the indoor shopping mall boasts a wide range of national retail brands, as well as dining and entertainment options.
Situated in Buena Park, Knott’s Berry Farm is one of California’s premier tourist destinations. Commonly referred to as California’s first theme park, Knott’s Berry Farm offers various rides in addition to Knott’s Soak City Waterpark, which features numerous water attractions.
Situated in the heart of Orange County within Fountain Valley’s Mile Square Regional Park, David L. Baker Golf Course features six sparkling lakes and scenic greens with a plethora of majestic shade trees framing lush Bermuda fairways.
Huntington Beach’s premier lifestyle destination, Bella Terra, is an outdoor shopping mall conveniently located along Interstate 405. This one-of-a-kind mall offers trendy boutiques, tasty restaurants, and free live entertainment in a relaxing environment centered around a fountain and garden paseos.
CA DRE License #00945852
CA DRE License #01914522
Tel: 949.622.9260 Jackson.Cloak@Berkadia.com
CA DRE License #01374346
Berkadia Irvine Office
2020 Main Street, Suite 200
Irvine, CA 92614
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