Blueprint facilitated the divestment of two seniors housing communities in northwest Indiana. The value-add communities are in Michigan City and Merrillville and comprise 119 assisted living and memory care units. They had strong pre-pandemic financial performance but more recently benefited from a substantial Medicaid Waiver reimbursement rate enhancement that was passed in July.
Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso handled the transaction, which featured multiple competitive offers. The selected buyer intends to fully reposition the communities as affordable seniors housing through the Indiana Assisted Living Waiver Program. The buyer also plans to bring on an operator. This is the second transaction completed by the buyer and seller in the last five months, with Blueprint brokering both sales.
