Huntington Breeze senior living complex, highlighting the growing senior housing market.
The Bascom Group has sold the Huntington Breeze senior living complex in Huntington Beach for $35 million. This highlights the growing demand for senior housing in the area, as the complex boasts high occupancy and potential for future development. Alongside this sale, the city has inaugurated Pelican Harbor, a dedicated low-income senior apartment complex. The Bolsa Chica Senior Care Community has also been approved to cater to the elderly population’s needs, reflecting a trend towards expanding housing options for seniors in the community.
Huntington Beach – The Bascom Group, an Irvine-based real estate investment firm, has sold the Huntington Breeze senior living complex for $35 million, equating to $307,018 per unit, according to CoStar data. The transaction reflects a growing trend in the expansion of senior housing in the area. The specific buyer of the property has not been disclosed.
The Huntington Breeze complex, situated at 16171 Springdale St., features 114 units and was built in 1987. At the time of the sale, the property was 96% occupied. The Bascom Group acquired this asset in 2014 for $19 million, illustrating a significant appreciation in its value over the years. With new ownership, there are possibilities for converting some of the units into accessory dwelling units (ADUs), which could help further address housing needs in the rapidly developing community.
The listing for Huntington Breeze was managed by a joint effort from real estate professionals Joseph R. Berkson of Marcus & Millichap, Joe Leon of Voit Real Estate Services, and Dean Zander of Newmark.
In addition to this sale, Huntington Beach has seen the inauguration of Pelican Harbor, a new 42-unit senior apartment complex designed specifically for low-income and formerly homeless seniors. This facility recently celebrated its ribbon-cutting ceremony and is a collaborative project of Jamboree Housing Corporation and USA Properties Fund in partnership with local government entities, including the City and County of Orange. Pelican Harbor supports seniors aged 62 and older, offering 33 permanent supportive housing units for seniors facing homelessness, and allocating the remaining 9 units for low-income seniors.
Residents at Pelican Harbor earn between 30% to 50% of the area’s median income, which equates to an annual income range of $33,150 to $55,250. Rent is capped at 30% of their income, making it an affordable housing solution for vulnerable community members. This facility, which successfully garnered $39.2 million in funding from a mixture of public and private partners—$2.8 million of which stemmed from HOME funds contributed by Huntington Beach—also received Project-Based Vouchers from the county to subsidize rent for a third of its apartments. Additionally, the Orange County Health Care Agency allocated $3.6 million for supportive services at Pelican Harbor.
Amid the rising demand for senior housing, the Huntington Beach City Council recently approved the Bolsa Chica Senior Care Community, comprising a total of 159 assisted living units. This facility includes 134 assisted living units and 25 memory care units, designed to meet the continuous medical care needs of elderly residents. The project was initially proposed on a larger scale but was revised following discussions and feedback from council members.
The proposal for Bolsa Chica elicited mixed reactions among council members, some of whom expressed concerns regarding the size and density of the development in relation to the surrounding area. Dissenting council members raised issues about potential parking challenges and overall density during the approval process.
The current landscape of senior housing in Huntington Beach reflects the increasing necessity for diverse housing options for an aging population, as evidenced by the recent developments and sales in the area. With ongoing investments and new projects, authorities are working to create a supportive environment that addresses both current and future needs for senior living.
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