64 Bed Skilled Nursing Facility and 49 Bed Assisted Living Facility Sold in Riverside County, CA
JCH Senior Housing Investment Brokerage is pleased to announce the successful sale of a combination 64-bed SNF and 49-bed AL in Riverside County CA.
The facility was in escrow when COVID-19 hit with a first-time buyer who decided not to proceed. JCH immediately took it back out to market and in less than two weeks had five competitive offers. The seller, a family owned owner/operator, ultimately decided to give another first-time buyer the opportunity.
The sales price was $5,400,000 or $84,375 per bed at a 9% CAP Rate. While occupancy was relatively stable at the SNF, the census at the Assisted Living was virtually non-existent with the appraiser allotting no value to the Assisted Living portion. JCH was also successful in assisting the buyer in setting-up a lease with a local Assisted Living operator looking to expand in the area.
The unique challenges of working with a new buyer in a COVID environment proved to be a challenge with several lenders deciding not to proceed. Utilizing the JCH’s team’s unmatched industry knowledge we were able to work hand in hand with a lender that wanted to get into the space helping educate them on the subtle nuances involved in the operating of a SNF. Cindy Hazzard and Jennifer Contreras handled the transaction process.
JCH is a full-service real estate brokerage firm with the singular focus on the long-term care industry. JCH brokers the complete spectrum of Senior Care facilities, including Independent Living, Assisted Living, Skilled Nursing, CCRC and Memory Care. For more information, contact Cindy Hazzard at 714-463-1672 [email protected] or Jennifer Contreras at 714-563-4253 [email protected]