A regional owner/operator already with seven senior living communities located throughout California recently added another one to its portfolio. Sacramento-based Ray Stone Inc. bought a 102-unit independent living community in Redding, California, which was owned by a local operator. Despite being built 30 years ago, the community was 96% occupied and operated at a 46% margin on approximately $3.13 million in revenues. The purchase price came to $18.35 million, or $179,900 per unit, with a 7.8% cap rate. Kevin Randles and Aron Will of CBRE originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program to finance the acquisition. Jason Punzel of Senior Living Investment Brokerage handled the transaction.
Purchase by way of Punzel
