A national Seattle-based developer/investor and a Seattle-based operator, sold an assisted living and memory care community in Tulsa, Oklahoma. The community opened in late 2017 and has over 110 units. Like so many communities that opened around that time, its lease-up and performance were hindered going into, and through, the pandemic. However, in the previous 12 months before the transaction, the community showed signs of resurgence and there was positive cash flow.
The seller chose to divest to reprioritize capital given the lack of scale in Oklahoma and proximity to its development pipeline. The buyer was a growing regional operator that partnered with an institutional investor. Alex Florea, Kyle Hallion and Kory Buzin of Blueprint Healthcare Real Estate Advisors handled the transaction, which closed under 60 days from execution of the LOI. The deal was the third high-end seniors housing community that Blueprint has sold in Oklahoma in the past six months.
