Blueprint announced a couple of its Q4 closings. In one, a not-for-profit organization took over a seniors housing community in the Hartford, Connecticut MSA, from a publicly traded REIT. The buyer appears to be Masonicare, which announced its acquisition of Atria Greenridge Place in the town of Rocky Hill. Built in 1998, the 108-unit assisted living/memory care community now operates as Masonicare at Greenridge Place. Historically, it was well occupied and boasted strong cash flow, but there was near-immediate upside through strategic capital investment and marketing.
The listing received five or six offers, including from private equity firms and a publicly traded company, before Masonicare was selected as the buyer. Kyle Hallion, Kory Buzin and Steve Thomes of Blueprint handled the transaction. Masonicare had not been active in the acquisition market for several years but it emerged as the most competitive bidder in the field, pushing up pricing and terms across the board. Around the same time, it also finalized its merger with United Methodist Homes and its five locations in Connecticut.
Next, Brooks Blackmon, Lauren Nagle and Ben Firestone of Blueprint facilitated the sale of Seagrass Village of Fleming Island, a Class-A seniors housing community in Fleming Island, Florida (Jacksonville MSA). It was built in 2018 and comprises 135 units/140 beds of independent living, assisted living and memory care. There was significant interest from REITs, private equity firms and regional owner/operators. A public REIT was ultimately selected as buyer and elected to maintain SRI Management as operator under a new management agreement.
According to Jax Daily Record, the buyer was Ventas, which purchased the community through VTR SG Fleming LLC of Louisville, Kentucky, for $38.7 million, or $287,000 per unit. According to the same source, Fleming Island Investors (which shares an address in Panama City with Sage Development Group) was the seller and acquired the property for Seagrass Village in 2015 for $2 million from Island Walk Development. The deed was signed by Bourne Financial Group’s CEO (Bourne partners with Sage on senior living communities).
