Clarice Clarke<\/strong> announced this week that\u00a0they represented the buyer in the deal, which was Steadfast Carpinteria Senior, LLC \u2014 an affiliate of\u00a0Irvine based\u00a0real estate investment management company Steadfast Companies.\u00a0Once the remaining tenants are out of the 51,585 square-foot,\u00a0two-story\u00a0office building at 5464\u00a0Carpinteria Ave., the property built in 1984 as office space will be gutted and transformed over the course\u00a0of about a year, Leider said.\u00a0An exact time frame for construction wasn\u2019t available.<\/p>\n\u201cThere\u2019s a growing demand for that,\u201d Leider said of assisted living facilities. \u201cThis building happened to\u00a0work out perfectly. The city was very accommodating.\u201d
\nSteadfast Companies was founded in 1994 and has a real estate portfolio valued at more than $3 billion\u00a0\u2014 one that includes thousands of apartments in the United States and Mexico for individuals, families and\u00a0seniors but no assisted living accommodations until now, Leider said.<\/p>\n
The seller was a local private investor who originally acquired the property in 2005, sold it in 2008, then\u00a0reacquired\u00a0it in 2014 before subsequently selling it to Steadfast this year, according to Radius\u00a0Commercial Real Estate & Investments, which represented the seller but wouldn\u2019t disclose the name.<\/p>\n
As an office building, the Carpinteria Avenue property saw varied success, Leider said, formerly leasing to\u00a0Microsoft and others but at one point was down to 75-80\u00a0percent vacant.<\/p>\n
In order to re-purpose the property, Steadfast went before the Carpinteria Planning Commission in May,\u00a0where members approved the conditional use and coastal development permits necessary to allow\u00a0conversation.\u00a0The facility was already in a proper zoning area.\u00a0Steadfast Carpinteria Senior will be the first assisted living facility within city limits, according to a city
\nplanner.<\/p>\n
The residential care facility will include 70 units with 76 beds. Fifty-seven\u00a0of those beds will be in an\u00a0assisted living wing, while the other 19 will be in a memory care wing for those with Alzheimer\u2019s and ALS,\u00a0according to a city staff report.\u00a0Units will range in size from 370 to 782 square feet, parking will be cut from 187 spaces to 176, and the\u00a0licensed facility will also include a social room, fitness center and theater.<\/p>\n
Steadfast Carpinteria Senior told the city it plans to hire 44 full-time\u00a0employees and 10 part-time\u00a0staffers.<\/p>\n
Noozhawk staff writer Gina Potthoff.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Steadfast Companies pays $10.7 million for office space on Carpinteria Avenue that will be converted to 76 bed\u00a0facility. CARPINTERIA, Calif.\u2014November\u00a010, 2015\u2014A new 76-bed\u00a0senior living facility is coming to Carpinteria after a local private investor sold a Carpinteria\u00a0Avenue property for $10.7 million.\u00a0Lee & Associates Central Coast principals Stephen Leider and Clarice Clarke announced this week that\u00a0they represented the buyer in the deal, which was Steadfast Carpinteria Senior, LLC \u2014 an affiliate of\u00a0Irvine based\u00a0real estate investment management…<\/p>\n","protected":false},"author":217,"featured_media":452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transactions"],"yoast_head":"\n
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CARPINTERIA, Calif.\u2014November\u00a010, 2015\u2014A new 76-bed\u00a0senior living facility is coming to Carpinteria after a local private investor sold a Carpinteria\u00a0Avenue property for $10.7 million.\u00a0Lee & Associates Central Coast principals Stephen Leider and Clarice Clarke announced this week that\u00a0they represented the buyer in the deal, which was Steadfast Carpinteria Senior, LLC \u2014 an affiliate of\u00a0Irvine based\u00a0real estate investment management...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/centralca\/2015\/11\/10\/carpinteria-office-building-to-become-senior-living-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee & Associates | Central California\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-10T16:00:04+00:00\" \/>\n<meta name=\"author\" content=\"centralcaweb\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"centralcaweb\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/2015\\\/11\\\/10\\\/carpinteria-office-building-to-become-senior-living-facility\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/2015\\\/11\\\/10\\\/carpinteria-office-building-to-become-senior-living-facility\\\/\"},\"author\":{\"name\":\"centralcaweb\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/#\\\/schema\\\/person\\\/9a8d1d78e217ec21a630ceb18387757b\"},\"headline\":\"Carpinteria Office Building to Become Senior Living Facility\",\"datePublished\":\"2015-11-10T16:00:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/2015\\\/11\\\/10\\\/carpinteria-office-building-to-become-senior-living-facility\\\/\"},\"wordCount\":426,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/2015\\\/11\\\/10\\\/carpinteria-office-building-to-become-senior-living-facility\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/wp-content\\\/uploads\\\/sites\\\/106\\\/2016\\\/08\\\/Carpinteria-Senior-Living-Steadfast-2-630x420-1.jpg\",\"articleSection\":[\"Transactions\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/2015\\\/11\\\/10\\\/carpinteria-office-building-to-become-senior-living-facility\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/2015\\\/11\\\/10\\\/carpinteria-office-building-to-become-senior-living-facility\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/centralca\\\/2015\\\/11\\\/10\\\/carpinteria-office-building-to-become-senior-living-facility\\\/\",\"name\":\"Carpinteria Office Building to Become Senior Living Facility - 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