Blueprint Healthcare Real Estate Advisors’ Dan Mahoney and Ben Firestone sold a well-maintained, 108-unit senior living community in a growing tertiary market in Washington State. The community provides independent living and assisted living services to middle-income seniors and was historically a good performer. But occupancy dipped to 75% during the pandemic.
We’ve certainly seen worse declines, but that leaves a good amount of room for improvement for the new owner, a regional buyer looking to grow its footprint in the state. The buyer also has plans to complete a modest unit renovation, update the common areas and increase the community private pay census. Blueprint represented an institutional seller in the deal.
