A 201-bed senior-housing facility in Van Nuys sold for $23.5 million. Avison Young represented the seller, Boca Raton-based Pinnacle Holdings of Florida Inc., in the transaction.

The facility, located at 6700 Sepulveda Blvd., sits on just over 2 acres of land, spanning roughly 50,000 square feet in the foothills of the San Fernando Valley.

Former tenant and now owner California Healthcare and Rehabilitation Center – the senior center purchased the building after discovering that Pinnacle had plans to rid itself of the property and was looking into possible redevelopment options. 

“The seller was interested in executing the disposition of this asset as an off-market transaction,” Avison Young principal Peter Sherman said. “Our team pursued a targeted strategy to both developers and senior-housing operators. Ultimately, due to the higher costs of construction and capital required for development, senior-housing operators provided the strongest buyer pool, and it made sense to negotiate a deal with the existing tenant.”

Due to the dual-coast nature of the sale, Avison Young principals from both the West and East Coast offices teamed up to ensure a smooth transfer of the property.

The California Healthcare and Rehabilitation Center is within walking distance to the Valley Presbyterian Hospital on Sepulveda Boulevard. The center offers a variety of nursing, rehabilitation and sub-acute care, including comprehensive inpatient and outpatient rehabilitation programs and religious services, according to its website.