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, A&A Health Services [Link to Partnerships page, A&A Health Services description].
The transaction was structured as a purchase/lease where Oryx and A&A principals led all aspects of the complex transaction, enabling a high-net worth investment partner to purchase the property with a lease-back to A&A Health Services 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.
A&A Health Services 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. A&A Health Services 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. A&A Health Services staff provide structure, skill building opportunities and support to promote and foster mental health stabilization and recovery. In addition to recovery-oriented therapeutic care, A&A Health Services will provide healthy meals, opportunities for recreational activities, and transportation services.