Right before heading to NIC, Jim and Cindy Hazzard at JCH Senior Housing Investment Brokerage closed a couple of sales in Southern California. The pair first sold a 36-unit assisted living community in Riverside County. A family owned and operated the community for the last 20 years and decided to retire. JCH ran a confidential marketing campaign and received several competitive offers, with the seller ultimately selecting a local owner based in the market looking to grow their portfolio. In the end, the community sold for $5 million, or $140,000 per unit.
Then, the Hazzard’s arranged the sale of a small 15-unit assisted living community in Orange County on behalf of another family owner/operator who was looking to exit the industry after more than 30 years in operation. Similar to the Riverside County deal, a local buyer seeking to enter the industry was the successful bidder, paying $3.25 million, or about $220,000 per unit.