Location, location, location. A seniors housing community sitting on the oceanfront in San Clemente, California, found a new owner with the help of Brad Goodsell and Jason Punzel of Senior Living Investment Brokerage.
The 140-unit assisted living/memory care community was built in 2002 and comprises 131,765 square feet on 3.3 acres. Some improvements could be made to maximize the property’s scenic location and customer appeal. Occupancy was 82% at the time of the sale. Its owner chose to divest with the ultimate goal of exiting the seniors housing space. The seller’s family had developed it and managed the property through the sale.
A joint venture between a private equity group based in southern California acquired the community for an undisclosed sum, bringing in a West Coast operator that has an established footprint to manage it. They plan to make significant investments in the property.
