Blueprint facilitated the sale of a seniors housing community in Plano, Texas. Built in the late 1990s, the community offers 65 units of assisted living and memory care. The buyer was a regional owner/operator looking to expand in the state.
The seller, a developer/investor, is divesting the community after selling over 12 geographically disparate, older-vintage communities as part of a larger exit strategy. These communities were purchased in a sizable portfolio transaction pre-pandemic, under a value-add thesis that would switch operators to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. However, the pandemic and rising interest rates altered those plans and drove a portfolio re-prioritization, rationalization and de-levering effort. And the Plano property was a geographic outlier.
Giancarlo Riso, Amy Sitzman and Alex Florea handled the transaction, targeting operators and investors with an existing footprint in the area. The transaction closed ahead of schedule and at the agreed-upon price.
