654 Camino De Los Mares

654 Camino De Los Mares, San Clemente, CA 92673

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

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3121 Michelson Drive, Suite 400 Irvine, CA 92612

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Irvine Office 

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ED KIM

Managing Directoredward.kim@berkadia.com 959.622.9252

CHELSEA JERVIS

Managing Director DRE# 01964154 949.244.9810 chelsea.jervis@berkadia.com

CJ ANGLE

Managing Director DRE# 02074015 949.573.0931 cj.angle@berkadia.com

RYAN FITZPATRICK

Senior Managing Director DRE# 01314070 714.614.7002 ryan.fitzpatrick@berkadia.com

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Exceptional Product in an Unparalleled Coastal OC Location with Walkability

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Berkadia, as exclusive advisor, is pleased to present for sale, 654 Camino De Los Mares (the “Site”), a fully entitled, 250-unit active adult (55+) coastal development opportunity located on ±6.63 acres (±37.7 du/acre) in coastal San Clemente, California. Designed by TCA Architects, the Project will consist of three- and four-story garden product that offers a mix of studio, one-, and two-bedroom floorplans – including some with scenic ocean views. A portion of the Project (5% or 13 units) will be set aside for affordable housing. Investing in senior housing is one of the best risk-adjusted return investment opportunities available in the market today. There is a significant shortfall in Orange County’s senior rental product given the significant growth and rising demand from this demographic cohort. Nearly a third of Orange County’s three million residents are comprised of residents over 55 years old and this is the only age sector that is currently expanding. In fact, the senior population aged 60 years and older is expected to double in the next twenty years. This increasing demand is unmet as only five institutional, market-rate senior communities currently serve this affluent and rapidly growing population in Orange County. This severe supply/demand imbalance has resulted in sustained rent growth and greater rent durability. In the past five years alone, senior class A rent growth outpaced conventional class A rent growth by 80 bps per year on average in Orange County.With an additional 82,000 seniors projected to enter the OC market over the next four years, and only one other market-rate age-restricted development currently in Orange County’s pipeline located 25 miles away in Irvine, 654 Camino De Los Mares represents an incredible opportunity to deliver a best-in-class, senior housing community with ocean views in one of Southern California’s most affluent and supply-constrained coastal submarkets.

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Riverside is the Inland Empire’s most populous city, home to over 319,000 residents boasting an average household income of $113,400. With an abundance of outdoor recreation, award-winning schools, outstanding retail and entertainment options, and a nationally recognized university, Riverside is one of the Inland Empire’s most dynamic and desirable submarkets. The city’s commitment to revitalization is evident in its ongoing downtown redevelopment and infrastructure investments, further enhancing its appeal. Within Riverside, Esplanade offers an exceptional location proximate to the best the city has to offer. The site is within two miles of over 2.2 million sq. ft. of retail space, including retailers like Costco, Vons, Target, and Stater Bros. The Property is also just 15 minutes away from Riverside’s historic downtown, a dynamic urban village filled with over 70 popular restaurants, bars, shops, and art galleries. And with convenient access to the 91 Express Lanes, residents can easily navigate to destinations throughout the Inland Empire and Orange County in minutes.

MARY ANN KING

Co-head of Berkadia Institutional Solutions949.242.4070CA DRE #0188651maryann.king@berkadia.com

BRETT BETZLER

Senior Managing Director949.981.1196CA DRE #01330214brett.betzler@berkadia.com

654 Camino De Los Mares

654 Camino De Los Mares is a ±6.63 acres (±40.6 du/acre) garden-style development project that consists of 250 apartment homes (designated for residents aged 55 years and older) and a 7,500 sq. ft. medical office building. Designed by TCA Architects, the three- and four-story residential buildings are elevator-served and showcase a Spanish-style architecture that complements the surrounding San Clemente aesthetic. Located about a mile from the coast, 654 Camino De Los Mares will feature stunning coastal views, an amenity that no other senior housing community in Orange County currently offers. The project has plans to include a full suite of luxury amenities, including a club room, fitness center, resort-style pool deck, and a rooftop recreation area where residents can admire the beautiful coastal surroundings. Apartment homes will average ±778 sq. ft in size, a distinct advantage given the desirability of a smaller gross rent within the highest-end product in a coastal, walkable location. 654 Camino De Los Mares offers the perfect walkable location for this high-end active adult product type. The site is within walking distance of over 220,000 sq. ft. of quality retail—including Trader Joe’s, Starbucks, CVS Pharmacy—and 198,000 sq. ft. of medical office space. San Clemente is one of the most desirable residential communities in all of Orange County. Within 10 minutes of the site, residents will have access to the city’s iconic beaches, a wealth of upscale retail amenities, and a vibrant walkable downtown filled with acclaimed restaurants, charming cafes, boutique shops and local art galleries.

Fully Entitled, Coastal Development Opportunity in San Clemente

With a lack of available developable land and a traditionally stringent entitlement process, San Clemente has one of the highest barriers to entry of any submarket in Southern California. In fact, over the last 35 years only three institutional market-rate properties have delivered to a city of over 62,000 people with an average household income of $197,000 and an average home sales price of $2.1 million. 654 Camino De Los Mares presents the investment community with a rare opportunity to acquire an actionable coastal development site. Fully-entitled as a 250-unit, low-density garden construction type, this project allows for a lower cost of construction while being located within one of the most desirable and expensive communities in Orange County. 654 Camino De Los Mares is one of only 45 properties and one of only two senior living communities located within one mile of Southern California’s coast. Moreover, acquisition opportunities with coastal proximity like 654 Camino De Los Mares are incredibly rare and, in fact, along the entirety of Southern California’s coast, there have been only 10 multifamily transactions over 150 units to have closed in the last 10 years.

Supply/Demand Imbalance in the Luxury Active Adult Market Fuels Strong Rent Growth

The 55+ senior community in Orange County has increased by over 320,000 people, or 48%, in just the last 15 years, which is 10x the growth rate of the overall population. But during that time, only five institutional senior housing communities were delivered in the county totaling 1,130 units. This means that the demand for residential housing by the “silver tsunami” has grown nearly 280x faster than new senior housing supply in Orange County. While another 82,000 people will be added to Orange County’s 55+ age cohort by 2029, there is only one market-rate age-restricted community, called The James, aside from 654 Camino De Los Mares that is expected to deliver in Orange County over that time frame. Located 25 miles away in Irvine, The James offers 350 assisted living units and therefore does not directly compete with 654 Camino De Los Mares. Extremely low supply coupled with incredibly strong demand drivers have, and will continue to, put upward pressure on rent growth at well-designed and well-located active adult communities in Orange County. High-quality, restricted properties in Orange County have posted an average of 4.7% annual rent growth over the past five years, outpacing non-age-restricted Class A communities in the market over the same period, which saw an average of 3.9% growth per year.

SENIOR HOUSING ADVISOR

CODY TREMPER

Managing DirectorLicense# 622302972.232.7358cody.tremper@berkadia.com

654 Camino De Los Mares

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Class A Senior Housing Outperforms Traditional Class A Product

Upscale active adult communities offer investors lower risk as they benefit from low turnover (20-30% annually on average), and residents are often described as “sticky” tenants with terms averaging 8 years. Additionally, these renters are typically less price sensitive, with many having traded out of an expensive single-family home. This leads to significant stability in both rents and occupancy – presenting a durable cash flow stream in a core location for a future investor.

A 250-UNIT, FULLY ENTITLED ACTIVE ADULT (55+) DEVELOPMENT OPPORTUNITY IN SAN CLEMENTE, CA