A Stockton, California senior living community with a long history in the area has a new owner, and a new operator. Originally built in 1972, this property consists of 86 units of assisted living, a coffee shop, beauty salon, a parlor with a piano, restaurant-style dining and memorial rose garden.
Novellus Living Group, a company focused on acquiring underperforming assisted living communities, renovating and repositioning them, was revealed as the new owner. Last year, Novellus acquired a 45-unit assisted living community in Modesto, California, for $4.5 million, or $100,000 per unit. The 30-year-old community sold at over an 8.5% cap rate, leaving some room for improvement after a renovation is completed by the first quarter of 2021. So, the Stockton property will be the second in Novellus’ portfolio, but there are two more California properties under contract in Pasadena and Whittier.
Taking over operations in Stockton will be CiminoCare, bringing its portfolio to 13 senior living communities in California, including a couple of others in the Central Valley.
