A growing seniors housing investor saw upside at two assisted living/memory care communities in high barrier-to-entry markets in Philadelphia, Pennsylvania and purchased the pair for an undisclosed price. Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors led the sales process on behalf of the publicly-traded REIT owner and the in-place operator, which will stay on to manage the communities.
Built over 15 years ago, the properties were all-private pay but could improve their occupancy. Some capex could also make them more competitive in their respective markets. Operations were on the upswing throughout the marketing process, however, which is good news for the new owner and existing operator.
