Bourne Financial Group acquired a pair of senior living communities in Santa Monica, California, for $13 million, or $265,300 per unit. Bella Mar and Ocean Villa were originally developed as hotels in the 1950s but converted to senior living in the 1970s. In addition, the properties were both renovated in 2014.
Bella Mar has 20 units of memory care, and Ocean Villa has 29 units of assisted living. Occupancy was around 60% across the communities. Revenues reached $3.2 million, but the pair operated around breakeven. H2C represented the seller, Meridian Senior Living, in the transaction.
