Plains Commercial Real Estate was engaged by a buyer to pursue the purchase of a seniors housing community in Ada, Oklahoma. That buyer was an Oklahoma-based owner/operator with an existing footprint in the area, which will help with lease-up and staffing.
Built in the late 1990s, Ada Assisted Living comprises 37 units and was struggling from low census. It was not cash flowing at the time of sale. The seller, a publicly traded REIT represented by Blueprint, was going through an operator change for a portfolio of communities that included the Ada community. The incoming operator wanted to focus on urban communities, and the parties chose to engage in the sale.
In this value-add transaction, the community offered the buyer a quality physical plant that did not require renovations, as well as significant upside through lease-up and staffing changes. The transaction closed within 12 weeks of execution of the LOI. Daniel Morris of Plains represented the buyer, and the seller was represented by Ryan Chase and Giancarlo Riso of Blueprint.
