JCH Senior Housing Closes Numerous Sales on the West Coast
Jim and Cindy Hazzard of JCH Senior Housing Investment Brokerage announced a series of successful sales on the West Coast. They started out by selling an 80-unit assisted living/memory care community in Stockton, California. In the deal, they represented the family-owned owner/operator who was looking to retire from the business. The team fielded several competitive offers and ultimately chose a local owner based in the area that was looking to grow their portfolio. It won’t be a piece of cake, but what is these days? The facility struggled after COVID and was under a lot of scrutiny from licensing. This, coupled with the strict lending requirements imposed for SBA... Read More »
JCH Handles Difficult Southern California Sale
It took a couple of tries, but JCH Senior Housing Investment Brokerage sold a senior care facility in Riverside County, California. Featuring 64 skilled nursing and 49 assisted living beds, the facility was owned and operated by a family business. Occupancy was relatively stable at the SNF, but census at the assisted living portion was virtually non-existent. So, the appraiser allotted no value to the ALF. The facility was originally in escrow when COVID-19 hit and the first-time buyer decided not to proceed. JCH immediately began marketing the property again and in less than two weeks had five competitive offers. The seller decided to give another first-time buyer the go-ahead, with a... Read More »
JCH Gets High Price for Orange County Asset
JCH Senior Housing Investment Brokerage announced a big sale of a senior living community in Southern California in what is the second-largest single-asset transaction of 2019 (by price), so far. Totaling 214 units of independent living, assisted living and memory care, the community is located in the high barrier to entry Orange County. Occupancy was a strong 94%, and the community reported a remarkable 53% operating margin. It was previously owned by a national owner/operator, which decided to sell based on the current cap rate environment. Given the drop in average cap rates for both the assisted living and independent living markets, that reasoning makes sense. After a confidential... Read More »
JCH Sells Marin County Assisted Living Community
Jim and Cindy Hazzard of JCH Senior Housing Investment Brokerage headed to Marin County, California to sell a boutique 29-unit assisted living community in the affluent town of Mill Valley. Originally constructed as a skilled nursing facility but converted to assisted living over 15 years ago, the community was underperforming with an operating margin around 14% on about $1.6 million of revenues. The physical plant was in good shape, and there was limited competition in the area, but the community was the seller’s last one in northern California. So, a little attention and a renovation should go a long way in improving operations. After a refurbishment, rents could also be raised to... Read More »Schedule a demo
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