Meridian-Operated California Community Gets a New Owner

Three years after acquiring a struggling assisted living/memory care community in Rancho Cucamonga, California, a Chicago-based private equity group is exiting the asset, and leaving the community in better shape. Originally built in 2002, the 86-unit community features 62 assisted living and 24 memory care units across four free-standing buildings. Occupancy was a solid 86%, but it was being mismanaged by an inexperienced operator prior to the PE takeover, which came at a price of $13.6 million, or $158,100 per unit. For the community’s vintage and location, that was certainly a low price.

Meridian Senior Living took over the operations, and clearly did a good job turning the property around, as they were retained by the new owner, an Orange County, California-based real estate equity group. Jacob Gehl, Humair Sabir and Scott Frazier of Blueprint Healthcare Real Estate Advisors handled the transaction, which did not disclose a purchase price.

 

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