Blueprint Real Estate Advisors is closing 2021 with a slew of deals, including Blake Bozett’s sale of a 40-unit assisted living community in Prosser, Washington. Built in 1999, Amber Hills Assisted Living underwent a $2 million expansion in 2016. It has a nearly 30% Medicaid census, and the community was positioned as a value-add opportunity, with occupancy fluctuating during the transaction process.
The seller is a local group who has been in the senior living industry for decades but will focus their energy on different business endeavors, and the buyer is a regional owner/operator, which will look to increase the assisted living unit count through a new renovation on the vacant land parallel to the community. The acquisition was financed (at 70% loan-to-value) through a community lender called Bank of Hope, and the loan came with a fixed rate under 4%.
