Oryx entered into a contract to acquire this primarily vacant 117-unit, 132-bed senior assisted-living facility in January 2020 with the intention of repurposing it as a 225-bed adult residential care facility with a mental health focus. This property is the first of a portfolio of residential care facilities being established under our affiliated company, Alamo Health Management, LLC.
The transaction was structured as a purchase/lease where Oryx and Alamo Health Management, LLC principals led all aspects of the complex transaction, enabling a high-net worth investment partner to purchase the property with a lease-back to Alamo Health Management, LLC under a long term, 20-year lease. This transaction included negotiating transaction documents, conducting due diligence investigations, negotiating and obtaining a Conditional Use Permit approval from the City of San Pablo, and securing financing for the purchase – all of which was completed in the throes of the COVID related shutdown.
Alamo Health Management, LLC will operate the facility under its transitional care program with the goal of preparing clients to step-down to the lowest level of care that is appropriate for their unique needs. Alamo Health Management, LLC strives to provide a homelike environment where the client, family members, friends and supportive staff are able to interact with clients in a recovery-oriented milieu. Alamo Health Management, LLC staff provide structure, skill building opportunities and support to promote and foster mental health stabilization and recovery. In addition to recovery-oriented therapeutic care, Alamo Health Management, LLC will provide healthy meals, opportunities for recreational activities, and transportation services.
