A national investor partnered with Legend Senior Living to acquire a seniors housing community in Bucks County, Pennsylvania, after Legend had turned around operations at the location since taking over in March 2023. Opened in 2020, the community was built by a national developer/investor to include more than 100 units of assisted living and memory care. Despite an attractive physical plant, the community faced lease-up challenges after opening during the pandemic, and subsequent regulatory challenges throughout 2022 drove an operator transition, with Legend coming into that role.
Looking at Legend’s Pennsylvania properties, this appears to be The Province of Southampton, or formerly The Landing of Southampton Personal Care and Memory Care. Leisure Care previously operated the asset, and local media at the time of the operating transition connected the ownership to an LLC affiliated with Columbia Pacific Advisors.
By the time the owner had engaged Blueprint to sell the property, Legend did not have much time to turn things around. So, Blueprint targeted a subset of well capitalized and risk tolerant investors as well as some regional, and well-capitalized, owner/operators. National investors, owner/operators and a family office-based sponsor submitted bids before a national investor teamed up with Legend to acquire the community, for an undisclosed price.
Fortunately, Legend’s operating plan already started to pay off, with occupancy materially growing throughout the sale process and expense controls leading the community to achieve and sustain positive NOI. The deal closed within two months of LOI execution. Alex Florea, Steve Thomes and Kory Buzin of Blueprint handled the transaction, which was the firm’s fourth Philadelphia senior living sale in the last 12 months.
