A small assisted living campus in Oklahoma City, Oklahoma, traded in a receivership sale with the help of Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint. Built in 1999, Dorset Place includes a standalone 36-unit assisted living building and a separate 33-unit memory care building. There was limited competition in the immediate market, and the property was well maintained. But a new owner could take over and implement expense control measures to stabilize the community’s operating cash flow. We imagine the property would come at a healthy discount to replacement cost, as a result.
Blueprint procured three competitive offers, ultimately advising the receiver, Mike Flanagan, to move forward with a national real estate investment platform specializing in 1031 exchanges, who partnered with a regional operator to take over management at closing. The transaction was facilitated with the support of Fannie Mae, and Gray Reed attorneys involved in the matter included Rachel Poynter and Emily Bowlin.
