A portfolio of three Class-B seniors housing communities in tertiary markets in Northern California found a new owner. The communities all featured assisted living, memory care and independent living services, with 205 total units and 242 licensed beds. They were originally developed in 2001 and 2002, and occupancy stood at 71%, 89% and 84%, respectively, at the time of the sale. As a portfolio, they offered an attractive opportunity for an experienced regional operator to expand its footprint.
A lender-appointed receiver oversaw the sale due to loan maturity and the previous owner’s inability to refinance. Dan Mahoney and Scott Frazier of Blueprint represented the nationally recognized receiver seller through the structured sale process. Sherman & Roylance, led by Shep Roylance and John Sherman, was retained by the ultimate regional owner/operator buyer to secure the best outcome in the competitive process that saw it secure the highest bid with an optimal investment scenario, all-cash closing and no financing contingencies. The portfolio sold for $10 million, or nearly $50,000 per unit.
