Blueprint was enlisted by a private investor/developer, Medistar, to divest its value-add, senior care campus in Katy, Texas. Built in 2018, the campus features 70 skilled nursing beds and 78 assisted living units (with 34 beds). The campus maintained a steady lease-up trajectory that was halted due to the pandemic. With a minimal amount of dually-certified beds, it struggled to turn a profit. Occupancy throughout the marketing process varied, however, by closing it was around 40%, and the campus was losing money.
Multiple interested parties proposed stepping in as interim managers to attempt to turn the campus around and prepare for disposition. An operator was selected to execute a plan to turn the asset around and execute on a purchase option. But after several months, the plan did not come to light, and the campus continued to struggle, resulting in divestment.
Blueprint targeted Ignite Medical Resorts, which was the ultimate buyer of the campus, for an undisclosed price. The transaction closed within 30 days of being on-site. Amy Sitzman, Michael Segal and Giancarlo Riso of Blueprint handled the transaction.
