We are a creative commercial real estate company who recently acquired its first Assisted Living Community. The building is aprx. 106,000 SF and is comprised of 172 rooms located in Long Beach, CA USA.
The project was completed in 1982 and is 3 stories, wood & stucco, with a wood frame. In recent years the facility had been a bit neglected due the previous owner’s poor health and limited financial resources. Upon acquisition there was much deferred maintenance and unsightly conditions due to poor management. We need to rebrand to change the past perception of this community.
The project is currently named Magnolia Senior Living but we are ditching that name and renaming it Vista Del Mar Senior Living because the area of Long Beach the facility falls in is called Vista Del Mar (however, there is no ocean view).
Since we purchased the property 3 months ago, we have started a ground up renovation of the property. So far we have repainted the exterior, remodeled the restrooms on the first floor, remodeled the lobby, created a new marketing center, and started to replace furniture, carpet, and paint throughout the building. We have kept the vast majority of the employees and are in the process of re-educating them to be more productive and conscious towards our residents. We have invested a large amount of capital and ourselves to make sure this project succeeds both as an investment and as a project where people’s lives are improved.