A 57-unit assisted living facility located in Walnut Creek, Ca., approximately 32 miles east of San Francisco, recently sold for $11.3 million, or $198,246 per unit.
The sale was brokered by Rob Reis, a senior associate in Marcus & Millichap Real Estate Investment Services’ San Francisco office. He represented both the buyer, a national owner/operator, and the seller, a local developer.
“Tiffany Court has an outstanding reputation in the community,” Reis said in a statement. “The property was developed, owned, and operated by the seller.”
The facility opened in November 1996 and within three-and-a-half months was fully leased, according to Reis.
At the time of sale, Tiffany Court was 95% occupied.
Written by Alyssa Gerace