A nationally recognized institutional private equity firm engaged Blueprint to oversee the sale of two high-performing seniors housing communities totaling 344 units in Oregon. The communities are Evergreen Senior Living, which is in Eugene, and Timber Pointe/Woodside Senior Living, which sit on the same campus in Springfield.
Built between 1996 and 2006, the communities underwent significant renovations in 2021 and have since maintained stable operational performance, catering to both private-pay and Medicaid residents. They were well-occupied, around 95%, but with a significant amount of Medicaid residents. The properties were well-maintained and together offer 43 independent living, 245 assisted living and 56 memory care units. Based on the communities’ locations, vintages and performances, we estimate they would have sold for a cap rate around 8.5%.
Dan Mahoney, Dillon Rudy and Jacob Gehl of Blueprint handled the transaction, attracting substantial interest from both Pacific Northwest and national buyers. An Oregon-based owner/operator eager to expand its footprint further into the subject markets was ultimately selected as the buyer.
JLL Capital Markets arranged $39.98 million in acquisition financing for the communities at 74% loan-to-purchase price, securing the three-year, floating-rate financing from a regional bank. The JLL Seniors Housing Capital Markets team representing the borrower was led by Alanna Ellis and Alex Sheaffer.
