A senior living community in the Dallas, Texas area that has recently fallen on some bad times just changed owners from one publicly traded REIT to another. Built in 1999 with 90 units of independent living, assisted living and memory care, the community was previously operated by Atria Senior Living. It had historically operated at stabilized levels, but leadership turnover and new competition (not surprising to hear from the Dallas-Fort Worth MSA) affected occupancy, which in turn led to discounting and lower cash flow. That’s an all-too-familiar combination in the seniors housing industry these days.
So, the publicly traded REIT seller hired Ben Firestone, Michael Segal, Joshua Salzman and Alex Florea of Blueprint Healthcare Real Estate Advisors to confidentially market and sell the asset. Another publicly traded REIT saw potential in the community and bought it for an undisclosed price. It brought in its Florida-based management company to operate going forward.
