05/19/2026
A senior living and skilled nursing campus in Los Alamitos, Orange County sold for $34.5 million in April 2025 — beating expectations by half a million dollars and setting a near-record price per bed for a non-stabilized asset in California. Despite headwinds facing the skilled nursing sector since COVID, the deal succeeded because of the property’s irreplaceable location — no competing facilities within 4 miles and virtually no path for new development. Strategic marketing by Marcus & Millichap’s Knapp Stahler Group created buyer competition and held pricing firm through 11 months of regulatory delays. The buyer group included a private equity firm, CareTrust REIT, and The Ensign Group. The transaction earned a 2026 CoStar Impact Award and is being seen as a turning point that resets expectations for skilled nursing real estate values in supply-constrained markets.