Blueprint was engaged by a local owner/developer in the divestment of its seniors housing community in the Seattle, Washington MSA. Built in 1997, Stafford Suites Kent features 63 assisted living units in the town of Kent. In the wake of operational challenges stemming from the pandemic, the third-party manager focused its recovery efforts on occupancy and rate growth. So, its improving resident rental rates, strong historical performance, and low-rate assumable HUD debt already in place made the asset an attractive buying opportunity.
Michael Segal, Daniel Waldhorn and Dan Mahoney handled the transaction, targeting owners and investors with an existing footprint in Washington and the surrounding region. There were multiple competitive offers from regional owner/operators seeking expansion opportunities through acquisition. The seller ultimately selected a growing owner/operator as the buyer, given its proposal to assume the existing HUD mortgage. Seems like a good move.
