What a week it was for Blake Bozett of Blueprint Healthcare Real Estate Advisors. In the same week that he closed an assisted living community sale in Nampa, Idaho, he and his wife welcomed their first child! We know the latter announcement is probably more important to him, but we’ll focus on the former here.
Mr. Bozett facilitated the sale of Streamside Assisted Living and Memory Care, a 79-unit assisted living and memory care community located outside of Boise. Built in 2006, Streamside saw a healthy operating margin around 30% and stable occupancy in the 80s, even during the pandemic. The local sellers have been in the industry for over 20 years but are selling in order to focus on another property currently in lease-up. The buyer turned out to be an emerging regional owner/operator in the Pacific Northwest, paying an undisclosed sum for the property.
The closing faced some challenges along the way, including a MAC clause tied to occupancy, the negotiation of additional land surrounding the community owned by the seller (on which the buyer hopes to add memory care units a little later) and a post-close holdback amount regarding unforeseen material issues not covered in the purchase agreement. But it closed, resulting in some happy clients, we are sure.
Sticking in the Pacific Northwest, Blueprint’s Humair Sabir, Jacob Gehl and Dan Mahoney also facilitated the sale of Alaska Gardens Health and Rehabilitation Center in Tacoma, Washington. This 123-licensed bed skilled nursing facility was sold by LTC Properties, Inc. It has a strong historical revenue base, which we imagine dipped during the pandemic, but Blueprint emphasized some possible management-level efficiencies to a new owner. That buyer ended up being a private owner/operator.
