Haven Senior Investments was engaged by a mom & pop in the sale of their seniors housing community in the Fresno, California MSA. The seller was divesting their business after 30 years of ownership to enter retirement. The buyer was a private equity real estate firm looking to invest and grow, InvestNOW Capital.
The community, which was originally a small community hospital, features 22 high acuity memory care units with 44 beds and was stabilized at the time of sale. The buyer, which brought together an investor group for the transaction, is converting the community to assisted living waiver (ALW), and bringing on Alliance Senior Living to operate it going forward.
Rebecca Van Wieren, who specializes in ALW seniors housing and focuses on transactions in California, handled the transaction. One hurdle was having to switch SBA lenders mid-transaction, but the deal successfully crossed the finish line. The purchase price was $4.7 million, or $214,000 per unit, which is a strong price for this type of community in this area.
