Brooks Blackmon of Blueprint Healthcare Real Estate Advisors sold a well-run senior living community in Birmingham, Alabama. The Alabama-based developer seller originally purchased the property in 2016 when it was just a small assisted living community. It has since grown to include around 55 units, the majority of which are independent living. The IL sector has held up relatively well during the pandemic, and occupancy was over 90% at the time of the sale. Plus, there is some upside with the AL rents. The developer also fully renovated the community in addition to adding the three-story IL building.
Inspired Healthcare Capital emerged as the winning bidder and chose to retain the in-place operator, which was not disclosed. This is Inspired’s first acquisition in Alabama, after it also entered the Georgia market in 2020 and acquired an eight-property assisted living/memory care portfolio in Washington and Oregon. The seniors housing real estate private equity fund is based in Scottsdale, Arizona.
