San Jose Senior Living Center
San Jose
Westlake purchased this property in 1984 for $3.8M. A lease with Atria Senior Living had been in place for the full building since 1978, but the tenant chose not to renew in 2018. We performed a full renovation to attract a high credit tenant in the County of Santa Clara, which executed a 20-year lease in 2020 and injected significant capital improvements of their own. They were an ideal user for the property - their current use of the building as a transitional housing facility meant they could use the space without substantial reconfiguration.
Project Highlights
- Total renovation and complete facelift of the property
- Substantial upgrades of all major building systems (HVAC, Electrical, Plumbing) to bring to the County’s standards for a Transitional Housing project
- New paint, new floors, bathroom and living facilities/rooms refreshed
- Living facilities and bathrooms were refreshed with new paint, flooring, and appliances
- New asphalt was laid, and landscaping was revitalized
Key Metrics
- Pre-Renovation Rent: $29,200/mo
- Post-renovation Rent: $68,500/mo
- Yield on Cost: 15.0%
