A small assisted living community in an affluent suburb of Washington, D.C., sold thanks to Ben Firestone, Steve Thomes and Kory Buzin of Blueprint. Owned by a not-for-profit based in D.C. that deemed the sub-50-unit asset to be “non-core,” the property had struggled operationally since the pandemic, but the “exceedingly rare location” of the real estate attracted a lot of attention from both seniors housing and alternative use buyers. Blueprint’s marketing process yielded several competitive bids before one of the alternative-use bidders emerged with the highest and best offer. They structured an agreement that addressed all the unique complexities associated with the use conversion.
Dealing in D.C.
