Blueprint Sells Plano Property
Blueprint facilitated the sale of a seniors housing community in Plano, Texas. Built in the late 1990s, the community offers 65 units of assisted living and memory care. The buyer was a regional owner/operator looking to expand in the state. The seller, a developer/investor, is divesting the community after selling over 12 geographically disparate, older-vintage communities as part of a larger exit strategy. These communities were purchased in a sizable portfolio transaction pre-pandemic, under a value-add thesis that would switch operators to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. However, the pandemic and rising interest... Read More »
Carnegie Capital Finances Two SNF Acquisitions
JD Stettin of Carnegie Capital could not get enough of Texas this month, closing two loans for skilled nursing facilities in the state before attending the NIC Conference in Dallas. Both loans facilitated acquisitions of the facilities. In one, Stettin arranged the assumption of a HUD loan on a 120-bed SNF in west Texas, which carries a sub-3% rate and represented 75% of the purchase price. The same seller also divested a 150-bed SNF in west Texas, after its relationships with local admissions sources faded over the last year. That led to a substantial decrease in the Medicaid census and cash flow, and upon closing the acquisition, the facility’s EBITDAR was negative, excluding QIPP... Read More »
Knapp-Stahler Group Inks Idaho Deal
Nick Stahler and Chad Mundy of the Knapp-Stahler Group at Marcus & Millichap facilitated a successful seniors housing transaction in Idaho. The team worked on behalf of the original developers and owner/operators of the community, who are leaving after more than two decades of ownership. The community, completed in two phases, comprises 51 independent living and assisted living units, with 73 beds. An owner/operator with a strong presence in Idaho bought the asset for an undisclosed price. The transaction was completed with the assistance of conventional bank financing. Read More »
REIT Divests in Colorado
Senior Living Investment Brokerage was brought on by a REIT in its divestment of a seniors housing community in Colorado. This was its tenant’s only managed asset in the state. The buyer was a Colorado-based owner/operator growing its portfolio. The purchase price was $3.0 million, or $36,100 per unit and $27,800 per bed. Built in 1982 and 1989, Devonshire Acres offers independent living, assisted living and skilled nursing in Sterling on 10 acres. There was also a large greenhouse added in 2021 for residents to enjoy gardening. The community comprises 24 IL/AL and 68 SNF beds, with 15 IL/AL and 84 SNF units. Occupancy, as of April 2023, was 86.7% for the IL/AL component and 71.3%... Read More »
Vacant Seniors Housing Community Sells in Memphis
Blueprint’s behavioral healthcare team was engaged by a seniors housing investor to obtain specialized zoning entitlements for a vacant seniors housing asset and to sell the asset as a potential behavioral healthcare conversion. The seller secured specialized zoning entitlements for inpatient behavioral use before Blueprint brought the Memphis, Tennessee, asset to market. A behavioral healthcare owner/operator submitted an offer to purchase the asset, deploy capital improvements and license the building as an inpatient substance abuse facility. However, during escrow, another mental healthcare provider approached Blueprint and expressed strong interest in operating the... Read More »Schedule a demo
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