A Southern California-based real estate entrepreneur is selling their remaining seniors housing asset, a 71-unit assisted living/memory care community in Yuba City, California that it purchased over 10 years ago. The acquisition was meant to be a turnaround opportunity (the facility was built in 1993), with the buyer bringing in a third-party operator and spending over $1 million in capital improvements since 2008. Today, occupancy is around 91%, and the community is operating at roughly a 34% margin on $2.9 million of revenues. The new owner, a real estate investment and management firm, is growing its seniors housing portfolio, with this deal representing its twelfth acquisition in the space. The purchase price came to $13.5 million, or $190,141 per unit. Jacob Gehl and Mike Segal of Blueprint Healthcare Real Estate Advisors handled the transaction.
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