Jason Punzel of Senior Living Investment Brokerage must be racking up airline miles, having crisscrossed the country to close a pair of deals on the West Coast then in the Heartland. In Oroville, California, Mr. Punzel sold a 36-unit memory care community, which was built in 2002 and underwent a renovation/expansion in 2008, for $5.95 million, or $165,278 per unit, with a 9.0% cap rate. There is an additional 2.5 acres available for expansion, but the local owner/operator seller was retiring from the business. Another local owner/operator, with two other facilities in the area, stepped in as the buyer. Mr. Punzel also sold two assisted living communities in South Dakota for $1.978 million, or just $20,000 per bed. The communities were built in the mid-1990s, but were just 53% occupied and losing money. A Southern California-based private equity group was the buyer, and brought in Northstar Senior Living to manage.
A Punzel pair
