A private owner/operator looking to expand its presence and increase its operational leverage in the Midwest acquired an assisted living/memory care community in Cleveland, Ohio, with the help of Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors. Featuring 133 units about evenly split between assisted living and memory care, this community was built in the early 2000s. It has struggled with occupancy, leading its national owner/operator to seek a sale.
Blueprint brought the asset to a well-capitalized private owner/operator, which will reposition the community as an affordable option in the Cleveland MSA by utilizing the state’s Assisted Living Waiver Program. If there are newer competitors in the area that can better compete for those higher income residents, then switching to another consumer group certainly makes sense. The deal closed in under 25 days following offer acceptance.
