1031 Crowdfunding Enters Utah Market
1031 Crowdfunding announced the acquisition of its first seniors housing communities in the state of Utah. The two assets combine for a total of 178 units of assisted living and memory care. Built in 2011 and 2016 respectively by the same developer, Spring Gardens St. George and Spring Gardens Lindon total 156,473 square feet across 5.8 acres. Both communities are on seven-year leases, and are within a four-mile radius of local hospitals. Occupancy remained strong throughout the pandemic, and the assets were at or above 97% occupancy with a combined EBITDAR exceeding $2.25 million. Avista Senior Living operates both communities and will continue to do so under new ownership. Jacob Gehl,... Read More »
Stellar Senior Living Acquires Assisted Living Community in Utah
Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in South Jordan, Utah. Built in 2018, Anthology of South Jordan comprises 103 units of independent living, assisted living and memory care, and sits on 3.7 acres in the greater Salt Lake City area. The new owner is Stellar Senior Living, which renamed the community to Copper Creek Senior Living. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the western United States. The seller of the community was Anthology Senior Living, the seniors housing arm of global developer, CA Ventures. Alex Florea, Amy Sitzman, and... Read More »
New Entrant Acquires Pair of Missouri Properties
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... Read More »
A Key Renovation Results in Ohio IL Community Sale
Blueprint Healthcare Real Estate Advisors sold an independent living community in West Lake, Ohio. Our House comprises 75 units and sits on nine acres in the greater Cleveland area. There was also a home health program exclusively operating at the community. During the transaction process, many of the potential buyers were eager to convert the community to assisted living and utilize the Ohio Assisted Living Medicaid Waiver Program. So, the founding family owner/operator of the community decided to undergo necessary renovations needed to receive an assisted living license and draw more interest from potential buyers. It clearly worked, and the community was sold to a Columbus-based... Read More »