We have learned that Brooks Blackmon and Steve Thomes of Blueprint Healthcare Real Estate Advisors have handled the sale of Portside at Grande Dunes located in Myrtle Beach, South Carolina. The A-quality community opened in 2019 with 83 assisted living and 32 memory care units, and in 2020, it expanded with 134 units of independent living and 16 independent cottages. It was still in lease-up at the time of the sale.
LIV Development, a multifamily investor, developed the community but is now exiting the seniors housing sector with its sale. In 2021, Mr. Blackmon handled LIV’s sale of its one other seniors housing asset, which was Peachtree Senior Living, a 55-unit independent/assisted living community just outside of Birmingham, Alabama in Trussville. It is not known if LIV Development has future plans to enter the sector again, but you never know.
Chicago Pacific Founders (CFP) emerged as the buyer in this deal, for an undisclosed price. The Chicago-based private equity firm acquired the community when occupancy was around 60%, and improving. Its affiliate Grace Management will take over operations and complete the lease-up phase.
