A stabilized seniors housing community sold in Texas, to a newly launched private REIT buyer that focuses on seniors housing investments. Amy Sitzman and Giancarlo Riso of Blueprint represented the seller, which exited the industry with the sale.
The 48-unit assisted living/memory care community was well located in the Dallas suburb of McKinney. Originally built in 1993, prior ownership ensured that the community’s physical plant remained competitive with an extensive $2.2 million renovation. At the time of marketing, the community also featured strong in-place occupancy of 98% and recently pushed through a healthy rate increase.
Blueprint positioned the deal as an opportunity to acquire a well-occupied community at below replacement cost. A new owner could also implement expense control measures to stabilize cash flow. The seller received multiple competitive offers before selecting the REIT buyer for an undisclosed price.
