This post was originally published on this site
Two Irvine-based companies are teaming up to make exterior and interior upgrades at an assisted living property in San Clemente.
MBK Senior Living and IRA Capital, both headquartered in Irvine, announced they will be making building upgrades at San Clemente Villas by the Sea. The 137-unit property is an assisted living and memory care facility at 660 Camino de los Mares in San Clemente.
Exterior and interior renovations began in March.
The property would specifically update its Sky Lounge, which offers space for social gatherings, dining and entertainment. Living spaces would be modernized and common areas refreshed, according to MBK Senior Living and IRA Capital.
The 109,293-square-foot assisted living project on more than 3 acres was built in 2002. IRA Capital, per CoStar data, was listed as the building’s owner, with MBK Senior Living operating as San Clemente Villas by the Sea’s property manager.
IRA Capital bought San Clemente Villas by the Sea for $40.8 million in December 2023, according to CoStar.
MBK Senior Living was founded in 1990 as an owner and operator of assisted living, independent living and memory care developments.
IRA Capital, established in 2010, bought more than 10 million square feet of properties across 28 states, with its total capitalization exceeding $3.5 billion. The private equity firm works with family-run companies, institutions and pension funds.