We learned that 1031 Crowdfunding, an Irvine, California-based real estate investing platform, acquired two memory care communities in Oklahoma and Texas, therefore fully subscribing its $16.9 million opportunity fund, 1031CF Portfolio 1 DST. This was the company’s sixth investment in seniors housing. The opportunity fund secured participation from 47 outside investors after launching on December 28, 2021.
Combining for 88 beds and 76 units, the communities are located in the Dallas-Fort Worth and Oklahoma City MSAs. Operational performance stayed consistent throughout the COVID-19 pandemic with occupancies exceeding 95% (currently at 91%), while generating $5.9 million in total revenue and $1.9 million in EBITDAR, representing a 32.5% operating margin. Iris Senior Living developed the communities and will continue to operate both locations under a management agreement. Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso handled the transaction.
