A new entrant to the seniors housing industry acquired two communities in the St. Louis, Missouri area but is intending to convert one location to multifamily following the deal. Pacifica Senior Living previously owned the two communities in Florissant and DeSmet, which featured 165 units of independent living and assisted living and were also deemed to be non-core.
Scott Frazier, Jacob Gehl and Humair Sabir of Blueprint Healthcare Real Estate Advisors were engaged by Pacifica to sell the assets and approached investors that would be interested in converting one, or both, of the communities. In the end, an investment fund based in St. Louis, which was also a new entrant to the seniors housing industry, was selected. The buyer plans to convert one property into multifamily housing while maintaining the other as seniors housing. No other details were disclosed.
