Sherman & Roylance was engaged by a new player in the seniors housing sector in its divestment of an assisted living/memory care community. The seller is refocusing its efforts on geographic areas closer to its core operations. The buyer, a San Diego-based family office, acquired the community for a purchase price of $8.25 million, or $180,000 per unit.
The multi-phased community, built in 1955 and expanded through 1999, comprises 46 units with 55 beds in Monterey, California, close to Pebble Beach. At the time of closing, it was 60% occupied. Shep Roylance, John Sherman and Chris Minnery of Sherman & Roylance handled the transaction.
