A San Diego-based developer/operator looking to focus its resources on its newly developed portfolio of seniors housing communities throughout Orange and San Diego Counties divested its 83-unit assisted living community in Long Beach, California. Built in 1970, the community was recently renovated in 2019 and 2021 and features 170 licensed beds of memory care.
Jacob Gehl and Scott Frazier of Blueprint Healthcare Real Estate Advisors conducted a targeted marketing campaign for the property and received multiple competing offers within 30 days of launch. The eventual buyer was a Los Angeles-based, high-net-worth family who intends to convert the building into an affordable senior living community utilizing the popular ALW program in Los Angeles County. Despite the pandemic-related performance challenges at the community, the buyer was able to obtain attractive financing based on their liquidity and strong personal guarantee.
