A public REIT and its operating partner strategically divested an 88-unit assisted living and memory care community in the Cleveland, Ohio MSA, with Blueprint Healthcare Real Estate Advisors handling the transaction. The community, originally built in 1998, was positioned as a value-add opportunity for buyers to capitalize on the local market’s strong demand fundamentals and focus on lower acuity residents.
A targeted marketing process procured interest from a variety of Ohio-based groups, many of which were eager to utilize the Ohio Assisted Living Medicaid Waiver Program. Blueprint sourced a well-capitalized private owner/operator seeking to grow its scale within the Cleveland market. Ben Firestone, Michael Segal, Connor Doherty, Ryan Kelly and Lauren Nagle of Blueprint worked on the deal.
