Blueprint facilitated the sale of a seniors housing community in the Atlanta, Georgia MSA, on behalf of an institutional real estate and development firm. Built in 1996, the assisted living/memory care community comprises 61 units in Buford. It appears to be a former Brookdale Senior Living-operated community that was since managed by Charter Senior Living. Alex Florea and Kyle Hallion handled the transaction, which presented as a value-add opportunity in a desirable market.
Initial occupancy was 73% and it was operating at a negative margin. It does not help that this area northeast of Atlanta was significantly overdeveloped in the mid-2010s, and that this asset, at nearly 30 years old, was less competitive. However, the property is well-positioned for revitalization and attracted significant interest from investors, particularly among Southeastern United States value-add investors. The ultimate buyer made a strong offer and was a repeat client of Blueprint’s who is bringing on a small but growing operating partner with another community in the region. The buyer’s original financing fell through, however, the transaction successfully closed through an all-cash purchase. Given the size, location and vintage of the property, we imagine pricing fell in the $40,000 per unit range.
