Blueprint Healthcare Real Estate Advisors closed the sale of two assisted living communities in the greater Seattle, Washington area on behalf of a national operator client. The first community, located in Renton, was built in 1983 and comprises 80 assisted living units. It had a strong operation, maintaining occupancy rates above 95% for the last three years running. Both private pay and Medicaid residents made up the census, and with intention to stay affordable, rents start at $2,800 a month. An internet search combined with our own outreach to the community confirmed that Brookdale Senior Living was the previous owner and operator of the property, which will be renamed Green Lake Senior Living Renton. Green Lake Senior Living, a Washington-based owner/operator eager to expand with strong financial backing, ended up as the buyer.
During the course of the Renton transaction process, Blueprint and its client recognized that an additional non-core asset also fit within the acquirer’s desired growth plan and that including it in the transaction was beneficial to all parties. So, a second sale involved a 50-unit assisted living community in Ocean Shores, which was renamed Green Lake Senior Living Ocean Shores. Built in 1998, this community sits on 2.5 acres on the Washington coast. Also a very well maintained community, its occupancy rate never fell below 96% in the past three years. And just like the Renton community, both private pay and Medicaid residents were served.
Dan Mahoney and Ben Firestone handled the off-market sales, which came at a combined purchase price of $4.64 million, or approximately $36,000 per unit on a blended basis. This was the fifth deal of the month closed by Blueprint, so far, on top of a healthy second quarter (and first half of the year).
