Plains Commercial sold Family Choice Senior Living, a 30-bed residential care (assisted living) community in Anaheim, California. Daniel Morris of Plains was engaged by the private investor seller to do a direct transaction, as they were exiting the seniors housing space.
The community had undergone an extensive renovation in the last few years, after which the seller executed a long-term lease with a local seniors housing operator. The buyer is a local investor with existing seniors housing investments that was looking to expand its portfolio as a landlord. The community sold at an attractive cap rate, which helped the parties to be able to navigate the current lending environment.
