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May 23, 2019

Sale of The Manse on Marsh in California

ESI sold The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo, California.


The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75% occupied and 100% private pay. The community was under-performing due to the low occupancy levels, posting a negative EBITDAR margin in the trailing twelve-month period. ESI ran a strategic buyer process and sourced a value-add buyer with a history of successful investments through turnaround acquisitions.

ESI represented the seller, an independent owner/operator, in the transaction. Jeremy Stroiman, Chief Executive Officer of ESI, commented: “The Manse on Marsh presented a strategic opportunity for a regional owner/operator to restore the occupancy back to the historical levels of 90%+ and apply additional synergies to improve the expense structure as this community is folded into their portfolio.”

The buyer was a California based owner/operator.

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