VISALIA, CALIF. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of Park Visalia Assisted Living, a 100-unit assisted living community in Central California. The community is located in Visalia in the San Joaquin Valley, approximately midway between Los Angeles and the Bay Area.
The sellers, a Chicago-based private equity firm, acquired Park Visalia in 2014, investing in several capital improvement projects and bringing in a California-based third party management company to turnaround operations.
However, after the first year occupancy remained constantly below market levels, the owner elected to transition the operations to a Midwest-based provider that stabilized key leadership staff positions and improved occupancy and cash flow.
The buyer was a privately held real estate investment company based on the West Coast, with Park Visalia representing the company’s fourth California seniors housing acquisition in the past two years. The buyer plans to remodel the community, including the addition of a secured memory care wing. The purchase price was not disclosed.
The new owner will transition management to a new operator that has several other communities in California.
Jacob Gehl, Ben Firestone, and Michael Segal of Blueprint were the lead advisors on the transaction.