Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Florida. Vista Lake of Leesburg comprises 74 units of assisted living and memory care in the greater Orlando area. Built in two phases in 1996 and 2000, the community was acquired in 2018 through a portfolio transaction by Eagle Senior Living. However, the community struggled during the pandemic as Eagle Senior Living simultaneously navigated Chapter 11 bankruptcy.
Blueprint was engaged by the Eagle Senior Living in the summer of 2021 to run a competitive sale process for the Leesburg community, which included selecting a stalking horse bidder in addition to launching a broader auction process. The stalking horse and winning bidder ended up being Atlantis Senior Living, after another buyer’s offer fell through earlier in the year. Atlantis paid $4 million, or $54,100 per unit, according to bankruptcy documents.
Following the sale, Eagle Senior Living also completed its financial reorganization. Kyle Hallion, Brooks Blackmon and Steve Thomes handled the transaction for Blueprint. Polsinelli and FTI Consulting also served as the seller’s legal counsel and financial advisor, respectively.
