Grandbridge Real Estate Capital’s new San Diego-based seniors housing investment sales team including David Rothschild and Mary Christian closed the sale of a Tucson, Arizona CCRC. The not-for-profit community originally opened with 40 skilled nursing beds in 1963 to provide care to the local Jewish community.
It received numerous additions over the years, most recently in 2015, and now includes 74 skilled nursing beds, 12 independent living units, 80 assisted living units and 10 memory care units on over six acres. This was the not-for-profit’s only senior living community, so both census and operating margin likely could be improved under ownership with some scale.
Assisted living and memory care occupancy was historically strong, but the skilled nursing census was stuck in the 70% range, while independent living was lower. In the end, the property sold for $15.5 million, or $88,100 per unit/bed.
