Two Texas seniors housing communities found new owners, and a new calling as behavioral health facilities. The communities, totaling 120 units, are located in San Antonio and Dallas and were being divested by an undisclosed seller. Blueprint Healthcare Real Estate Advisors was brought on to sell the assets.
With a Behavioral Healthcare group as well as its seniors housing and skilled nursing platform, Blueprint was able to underwrite both assets as seniors housing and as behavioral health conversion candidates. Ultimately, one regional and one national behavioral health provider were selected as acquirers, with both planning to make capital improvements and apply for new licensing. On Blueprint’s recommendation, they will convert the communities to inpatient detox and residential substance abuse behavioral health centers based on the financial trajectory and saturation of seniors housing providers in these specific submarkets. There were several offers for the properties and no price adjustments. Andrew Sfreddo, Shane Harmon, Gunnar Raney, Amy Sitzman and Giancarlo Riso handled the transaction.
