Blueprint Healthcare Real Estate Advisors found a new owner for two seniors housing communities in Massachusetts, also introducing the buyer to a lending intermediary to help the deal close. Connor Doherty, Amy Sitzman, Ryan Kelly and Giancarlo Riso handled the sale, which was a rare one these days in that it featured two stabilized properties.
Combining for 195 units, the communities are located across the state in Fall River (built in 1997 with 90 units) and West Springfield, the latter being a former 1890s-era monastery that was converted to a 105-unit assisted living/memory care community in 2001. Occupancy was strong, exceeding 96%, and combined EBITDAR was approximately $2.5 million.
Despite that strong performance, Landmark Senior Living decided to sell both assets in order to focus on its addiction recovery services business. So, a partnership between an experienced real estate investor with an existing home health business in Massachusetts and Prosper Life Care, an experienced seniors housing operator based in New York, stepped in to buy the communities for an undisclosed price.
