A large New York-based seniors housing owner engaged Blueprint to explore the sale of an 80-unit assisted living/memory care community in Harrisburg, Pennsylvania. Kory Buzin and Steve Thomes handled the transaction. Ownership acquired the asset several years prior while in distress and brought on Viva Senior Living as manager to execute a turnaround plan, which was now in its final stages. While the asset was performing, it was non-core to the owner’s geographic portfolio footprint.
The seller ultimately selected a buyer group that chose to retain Viva Senior Living as the operator and negotiated a lease structure with performance-based incentives and a purchase option, enabling the incoming partner to benefit from the improving performance at the community with minimal upfront capital and the opportunity to buy once key operational milestones are achieved.
