SAN BERNADINO and SAN JOAQUIN, Calif. — JCH Consulting Group has arranged the sale of two assisted living communities in California for a total of $18.9 million in two separate transactions. The specific communities were not named.
The San Bernardino community was built in 2002 and includes 86 units, of which 24 are for memory care. A national owner/operator purchased the community from the single-asset owner for $13.6 million, or $158,140 per unit. The community was 86 percent occupied at the time of sale.
The San Joaquin community was built in 1970 and includes 44 units. A real estate investment fund, largely funded from China, purchased the community from a single-asset owner for $5.3 million, or $120,455 per unit. The community was 69 percent occupied at the time of sale. The new owners plan to make $1.5 million of improvements.
Jim Hazzard and Nick Stahler were the lead agents for JCH on both transactions.