Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors handled the sale of two vacant assisted living communities in New Jersey, thereby completing the seller’s exit of its entire vacant seniors housing portfolio, of which Blueprint successfully advised on eight of the transactions in states including Arizona, Idaho and Texas. This deal featured two purpose-built, 39-unit assisted living communities located within 45 miles of each other. They also have similar floorplans and layouts.
Blueprint positioned the properties as an opportunity for an incoming investor to acquire both communities below replacement cost, implement a capex/renovation plan, re-permit them, get the communities up to code and (finally) reopen them. A New Jersey-based owner/operator looking to grow its presence in the state wanted the chance and paid an undisclosed sum for both properties.
