A publicly traded REIT acquired a Class-A and well performing seniors housing community in Waco, Texas. Built in 2021, The Blake at Waco offers 71 assisted living and 41 memory care units on a site adjacent to the Baylor Scott & White Hospital. It includes a host of amenities and boasted both strong occupancy and NOI at the time of the sale. The Class-A community could also be described as the premier offering in the submarket.
It was previously owned by Biloxi, Mississippi-based LifeCare Properties, which retained Blake Management as the operator. The REIT, wisely, will keep Blake on as the operator. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia Seniors Housing & Healthcare handled the transaction on behalf of the seller.
