The Stahler Group of Marcus & Millichap, headed by JCH Senior Housing Investment Brokerage alum Nick Stahler, has its first deal under its belt. Mr. Stahler and Mike Mooney sold an 89-unit assisted living/memory care community in Walnut, California, representing the private investor seller.
Built in 1987, the community was originally leased to Summerville Senior Living, then to Emeritus, and finally to Brookdale Senior Living after its 2014 merger with Emeritus. There was limited competition in the area, and some positive cash flow, but the property was considered to be a value-add/turnaround opportunity. Brookdale had chosen not to renew its lease, so the sale process was initiated.
A private investor with a strong regional presence and experience with turnaround projects emerged as the buyer. Public records show the purchase price to be just under $11 million, or close to $125,000 per unit. White Oak Healthcare Partners originated the acquisition debt.
