Assisted Living & Memory Care Facilities
California, February 5, 2016 JCH Consulting Group is pleased to announce the successful sale transactions totaling $18,900,000.00 consisting of two specialized assisted living and memory care facilities located in Central and Southern California. Totaling 163 beds, both facilities focus on providing high-acuity memory care and assisted living services within a secured setting.
The San Bernardino County facility, constructed in 2002, includes 86 units, 95 licensed beds of which 24 are memory care units. The sales price was $13,600,000.00, equating to $158,140 per unit. The occupancy rate was 86% at the time of the closing and helped the seller achieve a sales price well above the appraised value. The purchaser was a national senior housing owner/operator, and the seller was a privately held single asset owner/operator.
The San Joaquin County facility, constructed in 1970, is comprised of 44 units with 68 licensed beds and an occupancy rate of 69%.The sales price was $5,300,000, equating to $120,455 per unit. The purchaser was a real estate investment fund with a majority of funding coming directly from China, the purchaser plans on investing $1,500,000 in improvements to the physical plant. The seller was a privately-held single asset owner/operator. This transaction sold well above the appraised value as well.
JCH executed the transactions expeditiously and seamlessly having conducted an exclusive and brief marketing period of only 30 days. The process yielded multiple highly competitive offers from qualified prospects with several offers at or exceeding the initial offering price.
Jim Hazzard and Nick Stahler were the lead agents on both transactions.