Company experience

Company Experience by Community Type
Background History of Affiliated Predecessor Entities
Development Experience
Management Experience
Summary of Recent Top Performing Assets
Historical Track Record

Summary of Recent Top Performing Assets

Monarch Village Tarzana

Monarch’s ground up development of a 112 independent living community in Southern California has been regarded by industry professionals as best in class. Monarch’s Gold Crown service platform and team of top professionals generated top of the market high resident satisfaction, which resulted in high occupancy, high market rates, and high operating margins.

The project was acquired by Monarch from a successful multifamily developer who had completed the design but was unable to obtain financing. Monarch acquired the site and plans, redesigned the project and brought in AEW Partner’s V as their institutional capital investor along with an 80% loan to cost nonrecourse construction loan from a regional bank. The development, which was completed on time and on budget, leasedup at rates significantly greater than the original proforma.

The community opened in 2009, which was in the depth of the Great Recession. However, Monarch’s proven team and approach resulted in consistent lease up at top of the market rates. The project was sold to Ventas, a large REIT, in 2013 at a sub six cap rate, generating a high internal rate of return. Ventas brought in Atria, a large nationwide operator, who point to the Monarch platform as their new flagship. They have used the successful Monarch operating platform to train senior management how to achieve top resident satisfaction and how to achieve high market rate rents. 

Three Pacific Gardens

The Pacific Gardens Portfolio consisted of three licensed assisted living communities with a total of 317 units, all located in Southern California. The portfolio was acquired by MSL and AEW Partner’s in 2004 for $49M with contributed capital of $13.9M. In March of 2004, the Santa Monica property was refinanced returning $10M of capital. The portfolio was sold in 2006 for $76M, returning an additional $35.1M to the investors.

The success of this portfolio and Monarch Village Tarzana has established Monarch as one of the most successful operator/sponsors within the AEW senior housing national stable. AEW Capital Management is one of the largest private equity institutional capital players in the senior living space and manages over $50 billion dollars of real estate assets worldwide. AEW is a valuable reference and has mentioned that we are one of the best operating partners in the country.