A national developer/investor engaged Blueprint in the sale of a high-performing seniors housing community in an affluent and high-barrier-to-entry New Jersey market. Built in 1999, Juniper Village at Paramus comprises 98 assisted living and 22 memory care units in Paramus. The community has been operated by Juniper Communities since February 2021. The lease has a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators.
Blueprint targeted a wide cross-section of operators, investors and developers, highlighting in-place cash flow, ability to drive further upside through renovations and scarcity of comparable acquisition opportunities. There was a multi-round marketing effort in which there were more than 10 offers spanning REITs, private equity, developers, owner/operators and sponsors.
Ultimately, the seller elected to move forward with a new partnership of Juniper Communities and National Health Investors. The purchase price was $46.3 million, or $386,000 per unit. Alex Florea, Kory Buzin, Steve Thomes and Kevin Lukehart handled the transaction.
NHI also recently invested $63.5 million (inclusive of transaction costs), or $310,000 per unit, for the acquisition of a memory care portfolio that comprises 205 units in Nebraska. The six-property portfolio is operated under the CountryHouse brand which Agemark Senior Living established exclusively for residents requiring personalized memory care. The communities are in a master lease with a 15-year maturity and two five-year renewal options at an initial yield of 8% plus annual fixed escalators.
