A former JEA Senior Living-operated assisted living/memory care community in Pasco, Washington found a new owner with the help of Jacob Gehl, Humair Sabir, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors. Built in 1975 and owned by a private group, the community features 82 units of assisted living and memory care. It has positive cash flow and was close to 90% occupancy at the time of marketing, but its operating margin could be improved. Some capital improvements may also be needed. On a positive note, the building has been well maintained and the market has limited direct competition.
That attracted Greenlake Management, a growing Washington-based owner/operator controlled by Rizak Shay, which acquired the property for an undisclosed price. Already with two other communities in the area, this is their second acquisition with Blueprint in the last six months. To fund the deal, the buyer secured an SBA loan at about 85% loan-to-value through First Interstate Bank. Through the transition, there was only one reported case of COVID-19 in the building, which certainly helped move the process along despite multiple extensions.
