Blueprint Healthcare Real Estate Advisors announced the sale of an independent living community in Indianapolis, Indiana. A publicly traded REIT engaged Blueprint to sell the 148-unit community, which was built in 1985 and renovated in the 1990s. Operations were decent, but the buyer, Elevation Financial Group, plans to convert the community into middle market senior apartments. Ryan Kelly, Brooks Blackmon, Connor Doherty of Blueprint worked on the deal.
This is not the first time Elevation has invested in a similar conversion project. According to Levin Pro LTC, earlier this year the company acquired Easley Place, a 222-unit CCRC in South Carolina, and converted it into middle market senior apartments as well. The Blueprint trio of Ryan Kelly, Steve Thomas, and Connor Doherty also sold a 136-unit senior living community in Brockton, Massachusetts to Elevation for an undisclosed price in June 2022.
