REDDING, CALIF. — Ray Stone Inc. has acquired River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. The price was not disclosed.
Ray Stone will rebrand the community as River Commons and add it to the Ray Stone Senior Living Portfolio.
River Commons was built in 1986 by the Rogers family, which operated the community until the sale. The community featured a stabilized occupancy over 94 percent. The bulk of the apartments have been renovated within two years.
Ray Stone, a Sacramento-based investment and management firm, plans to implement $400,000 in aesthetic upgrades during the first two years of ownership.
Jason Punzell of Senior Living Investment Brokerage represented the seller, Hartnell Associates, in the transaction.