SAN DIEGO COUNTY, Calif. — The Knapp-Stahler Group of Marcus & Millichap has brokered the sale of a memory care campus located in San Diego County.
Developed in 2002, the property comprises seven buildings, with more than 55 units licensed for over 85 residents. The community was operating with negative net operating income (NOI) at the time of sale.
An undisclosed, all-cash buyer acquired the community for roughly $170,000 per unit. A publicly traded REIT was the seller. Nick Stahler, Justin Knapp, Michael Mooney and Hap Knowles of The Knapp-Stahler Group arranged the transaction.
“This transaction highlights the depth of capital seeking quality seniors housing opportunities, even in situations where operational performance has lagged,” says Stahler. “Successfully achieving an all-cash outcome at this pricing level despite negative NOI reflects both the quality of the real estate and the strength of the buyer demand we were able to generate.”