Artemis Real Estate Partners acquired Atria Newport Beach, a 168-unit luxury senior living community in Newport Beach, California, from a Ventas affiliate for $88.5 million, or $526,785 per unit. The property is located at 393 Hospital Road near Newport Boulevard and Hoag Hospital.
The community consists of two three-story buildings completed or renovated in 2021 and 2023. It includes 126 independent living and assisted living units plus 42 memory care units, with studio, one-bedroom and two-bedroom configurations. Amenities include dining venues, a movie theater, fitness center, library, and salon and spa services.
Atria Senior Living will continue to operate the property following the transaction. JLL Capital Markets arranged the sale and acquisition financing. The brokerage represented Ventas but did not disclose the amount of debt financing from an unidentified life insurance company. The property underwent a $52 million refinancing in August 2024.