Amy Sitzman and Giancarlo Riso of Blueprint facilitated the sale of an East Texas assisted living community, marking Blueprint’s 12th and final Texas closing of 2024. The seller was Pines Senior Living. A purchase agreement was signed just five days after LOI execution, and closing occurred on December 30th, 40 days after LOI execution.
Built in 1996, the community features 30 units. Pines invested $600,000 in renovations between 2022 and 2023 to modernize the common areas, add updated amenities, fully renovate resident units and enhance the community’s exterior. Operations turned around, and a focus on strong programs and clinical care revenues increased the value. And as a result of the renovations, occupancy increased from 60% to 85% in the trailing three-month window prior to marketing.
With only one competitor within 20 miles of the property, the community was well-positioned to continue the recent occupancy growth post-renovation. It also provided an incoming investor the opportunity to grow rates over time upon reaching stabilization. Blueprint was able to procure a highly competitive, all-cash offer from an East Texas-based investor seeking entry into the seniors housing industry.
