A Mom & Pop owner/operator enlisted the assistance of Senior Living Investment Brokerage to handle the sale of a seniors housing community that had never achieved stability. This community represented the seller’s sole seniors housing asset, marking their departure from the sector as they enter retirement.
Built in 2010, this assisted living/memory care community comprises 55 units and 88 beds in Menifee, California. It was under 60% occupied and was losing nearly $350,000 on $2.94 million of 2022 revenues. The buyer was an owner/operator based in Los Angeles, California, that intends to self-manage the community. Their strategy includes making limited cosmetic updates and refocusing marketing efforts to enhance occupancy rates.
Brad Goodsell, Jason Punzel, Vince Viverito and Jack Anderson of SLIB handled this transaction, which was financed through a local lender with whom the buyer had a pre-established relationship.
Punzel, Viverito, Anderson and Brad Clousing also facilitated the sale of a Montana skilled nursing facility for a long-term lessee that had been operating the facility but was nearing the end of their lease term. Built in 1965, the facility has 165 beds. Its new owner, a regional operator looking to expand their footprint in Montana, will invest in capex and enhanced marketing efforts to turn around the facility’s performance. The purchase price was not disclosed.
