The COVID-19 pandemic was really ramping up in mid-March when Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors managed to close the sale of a memory care community in the Dallas-Fort Worth area of Texas. Featuring 60 units of assisted living and memory care, the community is located in an affluent area, with the median housing values more than 44% higher than the Dallas MSA average. Built in 1997 with over 44,200 square feet, the community targeted the middle market, but its occupancy was trending towards 75% at the time of the sale. It was also operating at breakeven.
Working on behalf of the institutional owner/operator seller, Blueprint marketed the community as an opportunity to acquire a well-situated asset far below replacement cost and found a buyer in a Dallas-based developer/owner/operator that is currently expanding in the state. No purchase price was disclosed, and well done getting a deal to the finish line during this difficult time!