There is plenty of potential to add value in a portfolio of three seniors housing properties in Texas that recently sold. That is mainly because two of the communities are currently vacant. Located in eastern Texas within a two-hour drive of each other, the portfolio comprises 132 total units of assisted living. The one property that is operational was performing well, with positive cash flow and 90% occupancy at closing. But a new owner will have the chance to acquire the vacant communities below replacement cost, while also adding a stabilized property to its portfolio.
That buyer ended up being Dallas area-based WindRiver Companies, a seniors housing developer, owner and operator very familiar with the Texas market. Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors represented the large owner/operator seller in the transaction, which did not feature a disclosed purchase price.
