Brooks Blackmon and Ben Firestone of Blueprint Healthcare Real Estate Advisors arranged the sale of two memory care communities in Virginia. The communities are in the enviable position of being stabilized with high occupancy and above-market rates. The Richmond location opened in 2015, and the Virginia Beach property was completed in 2008. Both feature 48 units and 35,000 square feet. A local developer/operator built and managed the communities, which command the top rates in their respective markets, but is now exiting the assets.
Welltower, in partnership with ProMedica, paid $31 million, or $322,900 per unit, for the communities. That is right below the average price for Virginia seniors housing deals of $340,900 per unit, according to the most recent Edition of The Senior Care Acquisition Report. That average is comprised of seniors housing properties (including independent living) from 2016 to 2020.
