The new owners of the Odd Fellows Retirement Manor say the lack of affordable senior housing was a prime factor in their decision to purchase the 118-bed, 40,000-square-foot property on Beech Street in northeast Reno.
Landon Chase and Gil Aouizerat, principals with Convergence Capital of Huntington Beach, Calif., say Reno has many options for upscale senior housing but lacks less expensive assisted-living facilities. The property, built in the mid-1960s, was listed for sale early last year for $2.5 million and closed at $1.55 million. The International Order of Odd Fellows provided first mortgage financing on the transaction.
Convergence Capital plans on rebranding the property as the Reno Valley Assisted Living Retirement Center. It also will improve access around the housing center to open it to seniors with mobility issues. Convergence Capital will add wheelchair ramps, change entry and exit points, and make changes to certain restroom facilities as well.
"We definitely see an opportunity to fill a niche for affordable senior housing in that marketplace," Chase says.
The chance to boost occupancy at the retirement home it's about 30 percent vacant also sparked buyer interest.
"We are thrilled to join the Reno community and are really excited about the opportunity to upgrade the facility," Aouizerat says. Capital improvements include new landscaping and repainting, and the new owners also plan to install surveillance cameras and solar and lighting upgrades.
Todd Blonsley, vice president of investments with Marcus and Millichap Real Estate, brokered the transaction.
