A couple of value-add assisted living communities sold in upstate New York. Blueprint Healthcare Real Estate Advisors was hired by the REIT seller to lead the sale process, which was part of a larger strategic disposition. Located in the greater Rochester market, the two communities were underperforming, which was only made worse by the pandemic. A very competitive regional market for assisted living services also made for a tough operating environment.
So, a regional buyer with ties in the Rochester market ended up as the acquirer and the license transfer was completed. They paid an undisclosed cash amount. Working on the transaction was Blueprint’s Ben Firestone, Steve Thomes, Alex Florea and Michael Segal.
