Blueprint was engaged by a private REIT in the divestment of its non-core seniors housing community in Wyoming, Michigan. The REIT focuses primarily on private pay seniors housing communities throughout the United States, and was a repeat client of Blueprint’s. Michael Segal, Daniel Waldhorn, Brooks Blackmon and Lauren Nagle handled the transaction.
Built in 2015, Commonwealth Senior Living at North Byron is an assisted living/memory care community with 102 units that sits on a two-acre parcel adjacent to the University of Michigan-West Hospital campus. It was developed by Granger Group originally as First & Main at Metro Health Village.
Multiple competitive offers were received from investors and operators within the state and the surrounding Midwest region. After multiple rounds of bidding, the seller selected a Virginia-based investor, Commonwealth Senior Living, and its Michigan operating partner as the ultimate buyer. The joint venture buyer, also a repeat client of Blueprint’s, intends to renovate the community, primarily focusing on enhancing the memory care portion. This marks the third community for Commonwealth in the Grand Rapids area.
