Blueprint was engaged by a real estate private equity firm in its divestment of a seniors housing community in Philadelphia, Pennsylvania. Built in 1988, the community comprises 114 units of assisted living and memory care. The PE firm acquired it in 2018 with a plan to execute a capex investment and repositioning strategy, subsequently investing significant capital to renovate and modernize the community, materially elevating its FF&E, common areas and resident units to a quality on par with a newer vintage product.
Kory Buzin, Steve Thomes and Ben Firestone handled the transaction, marketing the opportunity as one with upside upon respositioning it to better serve the local, middle-income seniors population. Blueprint targeted investors involved in the middle market, procuring multiple competitive bids from a diverse set of prospects. No other details were disclosed.
