New life for Pasadena ALFs

Shep Roylance of The JCH Group recently facilitated the bankruptcy sale of three assisted living communities in Pasadena, California. The portfolio featured a 70-unit/136-bed community built in 1951, a 20-unit/40-bed property built in 1940 and a 30-unit/60-bed community built in 1956. They are as old as the Baby Boomers. Occupancy ranged from 85% to 92% among the properties, but they could all use some capex. The three California LLC owners filed for bankruptcy protection in late 2015 and the auction and sale hearing were in January 2016, facilitated by Mr. Roylance. SYTR Real Estate Holdings, LLC was the buyer and will look to increase census and acuity at the communities. They paid $10.9 million, or $90,833 per unit, for the portfolio and will close escrow this month.

 

 

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