Blueprint has been active, announcing three separate deals involving six separate assets over the last few days. First, Jacob Gehl and Dillon Rudy facilitated the sale of two seniors housing communities in densely populated, urban submarkets on Chicago’s North and South Side. The seller was a nationally recognized institutional private equity firm, and the properties were managed by Senior Lifestyle.
Built in 2006 and 2007, the communities total 252 independent living (majority), assisted living and affordable seniors units. Both communities were profitable but not stabilized at the time of sale, with one asset 90% occupied and the other 70%. Originally developed to accommodate both market-rate and low-income residents, the assets presented a value-add opportunity through targeted repositioning to either resident type.
There was strong interest from local and national groups, including multifamily, private pay and affordable buyers focused on mission-driven investments. The ultimate buyer was a Chicago-based owner/operator specializing in affordable seniors housing.
Next, a multigenerational, regionally focused developer, along with local investors, engaged Blueprint in its divestment of two Class-A seniors housing communities in the Portland, Oregon MSA. Opened in 2016 and 2019, the communities total 284 independent living, assisted living and memory care units in highly affluent, growing and high-barrier-to-entry submarkets.
Blueprint targeted well-capitalized investors and owner/operators due to the strong in-place cash flow, opportunity for continued rate growth and financing optionality from assumable agency debt. There was a multi-round marketing effort, with more than 10 offers from REITs, private equity firms, alternate investors and owner/operators.
The seller selected a buyer group comprising a blue-chip national private equity investor and a reputable West Coast-based owner/operator. The transaction closed with the assumption of one agency loan, one bank refinancing, and the Oregon licensure process. Alex Florea, Kevin Lukehart and Dan Mahoney handled the transaction.
In a third transaction, a regional skilled nursing owner/operator with a presence in Illinois and Missouri engaged Blueprint in the sale of two geographic outlier skilled nursing facilities in western Illinois. Located in Monmouth and Mascoutah, the facilities total 135 skilled nursing beds, representing the opportunity for an incoming provider to capitalize on expansion into underserved Illinois submarkets.
There was a very small buyer pool, but the seller accepted an acquisition proposal from an East Coast-based regional owner/operator experiencing recent rapid growth in Illinois. Despite deciding not to pursue the acquisition upon initial approach, the buyer responded to repeated follow-ups demonstrating various paths to value creation. Michael Segal, Daniel Waldhorn and Ben Firestone handled the transaction.
