Japanese investors buy interest in Loveland’s Hillcrest retirement home

LOVELAND — A consortium of Japanese investors has purchased a minority stake in the building that houses the Hillcrest at Loveland retirement home.

A subsidiary for Irvine, California-based MBK Real Estate LLC recorded a $31 million purchase of the property at 535 Douglas Ave. in Loveland Jan. 9, according to Larimer County property records. Another MBK subsidiary bought the building in 2013 for $19.6 million.

Assessors most recently valued the property at $7.985 million.

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Jeff Fischer, MBK’s president of senior living, told BizWest that the sale reflected only a purchase of equity in the building from a group of firms in Japan looking to add American real estate holdings to their portfolio. He declined to specify which firms made the investment.

MBK is owned by Mitsui & Co. Ltd., a Japanese conglomerate with holdings in real estate and several manufacturing industries.

“So there’s just local relationships in Tokyo with our parent company, and that’s how we got involved in their entry into U.S. real estate,” Fischer said.

He said there won’t be any changes to Hillcrest’s operations as a result of the deal.

The company also operates Seven Lakes Memory Care in Loveland and other retirement homes in Colorado Springs and Greenwood Village as part of a larger portfolio for homes for sale and rental properties across the country.

Hillcrest opened to residents in 2007 after a remodel and a 35,000-square-foot addition was completed. It previously housed a hospital and was the administrative center for the Thompson School District.