A distressed rental CCRC in a Philadelphia suburb just (hopefully) secured a brighter future, changing hands to a new regional owner. Steve Thomes, Michael Segal and Dan Mahoney of Blueprint Healthcare Real Estate Advisors handled the sale on behalf of a court-appointed receiver.
Sitting on a 12-acre campus in an affluent area, the community features 180 units. But that ideal location did not prevent the community from struggling operationally. However, once the receiver took full control, things started to improve. The buyer, which has both a local and regional presence, also has a strong capex plan currently being implemented that should help with the turnaround. We imagine that even with those investments, the new owner should be able to see a healthy return.