Blueprint’s Ben Firestone, Steve Thomes and Kory Buzin were engaged by a New Jersey-based investor/developer in its divestment of a seniors housing community. The ultimate buyer was the in-place tenant, Springpoint Senior Living.
Built in 2022, the community comprises 60 units of assisted living and memory care in Manalapan, New Jersey. It experienced a drawn-out lease up through its first two years in operation, falling short of the census necessary to normalize staffing, marketing and other operational expenses, ultimately impacting its ability to stabilize from an NOI perspective.
Blueprint approached a targeted list of qualified investors. Through a multi-round marketing effort, multiple offers from qualified bidders were received. Offers came from national investors, regional owner/operators, and, of course, Springpoint, which acquired the fee simple interest from the seller.
