Blueprint announced its role in the sale of a Class-A seniors housing community in an affluent suburb of Detroit. We learned of the deal in December, when Silver Wave Capital, Persimmon Ventures and Synergy Senior Management announced that the buying group acquired Avalon at Auburn Hills.
Built in 2018, the community features 58 assisted living and 44 memory care units. The Auburn Hills market was overdeveloped for seniors housing services, and we understand that the property never reached stabilization, with occupancy below 50%. It was previously owned by Hudson Advisors, an affiliate of Lone Star Funds that purchased the community as part of the five-property Great Lakes Portfolio in August 2021, according to LevinPro LTC. The portfolio sold for $115 million, or $223,700 per unit, although we do not know the allocation for the Auburn Hills property. Grace Senior Living took over operations before LCS was brought on to manage the community, along with nine others, in April 2023.
We do not believe it was profitable at the time of the 2024 acquisition and probably sold for under $100,000 per unit. The deal closed ahead of schedule and at the agreed-upon purchase price. Alex Florea, Connor Doherty, Kyle Hallion, Ben Firestone and Ryan Kelly worked on the deal for Blueprint.
