Working on behalf of a national developer/investor, Blueprint closed the sale of another older vintage seniors housing community as part of a larger divestment of over a dozen geographically disparate communities. The assets were purchased in a sizable portfolio transaction before the pandemic, but operational headwinds forced a portfolio re-prioritization and de-levering effort. The seller also wanted to preserve liquidity.
Kyle Hallion and Alex Florea most recently sold a 48-unit assisted living community in a southeast suburb of Memphis, Tennessee. Built in 1997, the community featured 70 licensed beds, and like the other assets, its performance struggled after the pandemic. Blueprint targeted a range of local, regional and national seniors housing operators and investors.
The winning bidder was a local Memphis investor, and the acquisition marked its second in the seniors housing space. The buyer paid all cash and intends to make material capital enhancements to the community.
In March, Blueprint closed a few other sales on behalf of the same national owner, including three senior care campuses in Chicagoland, two assisted living/memory care communities in Utah, and an AL/MC community in Plano, Texas.
