Blueprint Healthcare Real Estate Advisors handled the sale of two transactions in Tennessee featuring three total properties. First, a Southeast-based developer/owner/operator acquired two assisted living/memory care communities in the Nashville MSA. Featuring a combined 115 units, split between 89 assisted living and 26 memory care units, the communities were built in 2010 and 2011 and experienced a COVID-related decline in operations. However, occupancy and cash flow had rebounded by the time of the sale, but with still a little improvement in store for a new owner.
The communities were previously owned by a private equity firm, which was represented by Brooks Blackmon, Kyle Hallion and Ben Firestone of Blueprint in the deal.
Messrs. Blackmon and Hallion next sold a mid-rise senior living community in Memphis on behalf of a publicly traded REIT owner. Built in the 1960s, the non-core community had 110 independent living and 55 assisted living units in 11 stories. Going forward, however, it will be operated as a middle- to low-income active adult community by the new owner, Elevation Financial Group. Elevation, which has been busy buying seniors housing properties at a low basis with the intent of converting them to middle market active adult, will also invest in capital expenditures across the campus.
