A competitive bidding process ended with the sale of an 83-unit assisted living/memory care community in Yucaipa, California (San Bernadino County). The winning bidder ended up being the existing tenant, which paid $13.9 million, or $167,500 per unit. Jim and Cindy Hazzard of JCH Senior Housing Investment Brokerage handled the transaction.
Previously owned by a partnership, this community was built in 2003 and 2004 with 54 assisted living units, 29 memory care units and 130 total licensed beds on a 7.5-acre campus. The deal was supposed to close in March but was delayed by the pandemic, and in the end, there was no change in the purchase price. It certainly helped that operations were actually improving through most of the year after the buyer had previously taken over management of the community.