Assisted Living Portfolio Chico and Oroville, California

[Pages:37]Assisted Living Portfolio ? Chico and Oroville, California

Portfolio Overview

ROSELEAF OROVILLE

ROSELEAF GARDENS ROSELEAF SENIOR CARE

Portfolio Overview

The Roseleaf portfolio of three properties (76 units/132 beds total) located in Chico and Oroville, California, embraces the Dementia Village Care (developed in the Netherlands) concept to deliver memory care, reduce stress and encourage freedom for seniors and those with dementia.

Roseleaf Gardens and Roseleaf Senior Care are assisted living & memory care communities located about one mile apart in Chico, CA. The current owner built Roseleaf Senior Care in 2006 (11 units/16 beds) and acquired Roseleaf Gardens in 2012 from a lender (33 units/60 beds). Roseleaf Gardens was built in 1998, renovated in 2012-2013, and again in 2018. Chico is a fast-growing area with an MSA population of over 220,000.

Roseville Oroville is a beautiful memory care community located in peaceful Oroville, CA. The first phase of the community was built in 2002, and was renovated and expanded in 2008. The community consists of a 30-unit, 55 bed main facility and a smaller 3-unit, 5 bed facility next door (33 units/60 beds total). The community encompasses 2.5 acres and has an additional 2.5 acres (a total of 5 acres) for future expansion. Oroville's population has increased dramatically after the town of Paradise, CA was decimated by the wild fires. In addition, Oroville's hospital is undergoing a large expansion.

Seller Motivation

The current owners are seeking to retire from the industry.

Key Investment Points

? Population growth in Chico, CA and Butte County for 75+ year old residents is projected to grow 19.6% over the next five years.

? Roseleaf Gardens and Roseleaf Oroville went through significant renovations and upgrades in 2017 & 2018 as well as implementing the Dementia Village Concept.

? The communities are now stabilized with additional occupancy and NOI growth expected throughout 2020.

FINANCIAL OVERVIEW

After going through significant renovations and cosmetic upgrades, and implanting a new care model throughout 2017 & 2018, the Roseleaf portfolio has stabilized in April & May of 2019. Continued revenue and NOI growth are expected throughout 2020.

Purchase Price

$15,861,000

Rooms / Beds

76/132

Net Income

$1.1M

Capitalization Rate 7.5%

Roseleaf Gardens

INVESTMENT OVERVIEW

Roseleaf Gardens

Property Details

Location

Property Size (Square Feet) Parcel ID Number Land Area (Acres)

Number of Buildings Number of Units Number of Beds Year Built

Sprinkler System Website Census Units

2770 Sierra Ladera Lane, Chico, CA 95928

20,000 +/- Sq. Ft. 018-370-003-000 2.92 +/- acres features extra space for an 11 bed expansion

1 32 56 1998, remodeled in 2012-2013, $1.5M renovations in 2018 Yes 87%

Unit Mix (As of July 29, 2019)

Total Units / Beds

Occupied % Units / Units / Beds Beds

Private

8/8

Studio

8/8

100

Deluxe

3/6

Private Suite

3/6

100

Companion Suite

21/42

19/35

90/83

Totals

32 Units / 56 30/49 Beds

94/88

Roseleaf Gardens

Details

Foundation Basement Exterior Walls Roof HVAC Floors

Bathrooms Number of Stories Number of Elevators Fire Protection Security Parking

Poured Concrete Slab

No

Stucco

Pitched, Shingle

2 Rooftops with zones throughout the building

Ceramic and vinyl (faux wood) tile in the lobby/ reception/common area; carpet in the administrative office areas; vinyl (faux wood) tile throughout most common areas and hallways; carpet or vinyl (faux wood) tile in resident rooms; vinyl tile (faux wood) in the dining areas; and vinyl sheet tile in the central bathroom and kitchen areas

Mix of private and shared bathrooms

1

None

Sprinklered with a wet system

Locked, Keypad (Double Layered)

Paved parking area, 52 parking spaces, including five spaces designated for handicapped use

Roseleaf Gardens Floor Plan

Roseleaf Gardens Site Plan

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