No residents? No problem for Amy Sitzman of Blueprint Healthcare Real Estate Advisors, who recently sold two vacant assisted living communities in Arizona for an undisclosed price. These were not recent vacancies, however, that the incoming owner can just open the doors and get along with business as usual. One asset, located in Peoria with 50 units, closed in 2008, while the second building in Mesa, also with 50 units, had been vacant since 2013.
The seller looked to divest the assets, and ended up selling to two separate buyers. The purchaser of the Peoria property is a regional operator looking to expand its presence. Meanwhile, the Mesa buyer is a growing behavioral health group that intends to convert the building to a drug treatment center. Both transactions closed just days apart. Well done, Ms. Sitzman.
