Joint Venture Divests to Private Owner/Operator
Blueprint was engaged by a joint venture between two national investors in the divestment of its seniors housing community in Pickerington, Ohio, that was acquired as part of a larger transaction. The buyer, which intends to reposition the asset as affordable seniors housing, was a well-capitalized private owner/operator seeking to expand and increase operational leverage in the Midwest. Built in 2009, the community comprises 86 assisted living and memory care units in a growing, but supply-constrained, suburb of Columbus. The community’s occupancy challenges post-COVID, in combination with its outlier geography and care mix, made it a non-core component of the broader transaction... Read More »
Minnesota AL/MC Community Changes Hands
An assisted living/memory care community in rural southern Minnesota found a new owner with the help of Ray Giannini of Marcus & Millichap. Built in 2017, Bridgwater at Janesville features 24 units. It featured a 90% waiver census and was fully occupied at the time of closing, generating strong cash flow, as well. The undisclosed buyer paid $4.2 million, or $175,000 per unit, for the asset. Read More »
SNF Operator Makes First Purchase in MA
An institutional owner decided to divest its skilled nursing facility in East Boston, Massachusetts, in order to recycle capital and shift its investment focus. Evans Senior Investments marketed the facility to a group of regional and national buyers before an experienced regional operator stepped in to make its first purchase of a facility, for an undisclosed price. Evans helped the new owner by facilitating a regional capital partner for the deal. Built more than 50 years ago, the facility featured 165 beds, including a number of three-bed wards. It was 83% occupied but held a two-star CMS rating with an abuse icon from CMS. Other operational challenges included high agency staffing... Read More »
Regional Owner/Operator Acquires in Arizona
Blueprint facilitated the sale of a seniors housing community in Phoenix, Arizona. Amy Sitzman, Giancarlo Riso, Jacob Gehl and Dillon Rudy handled the transaction, which closed 112 days from LOI signing. Developed in phases between 2015 and 2017, the community encompasses nine residential homes arranged in a neighborhood setting in Litchfield Park. There are 89 total assisted living/memory care units. The community accepts private pay and ALTC (Arizona Medicaid) residents and was approaching stabilized occupancy at the time of marketing. It is projected to experience favorable year-over-year rate growth given the lack of new or planned competing developments within the local market.... Read More »
Third Luther Manor Home Campus Sold
A Senior Living Investment Brokerage team comprising Jeff Binder, Jason Punzel, Nick Cacciabando and Jake Anderson handled the receivership sale of a senior care campus in Dubuque, Iowa. Affiliated with the two Grand Meadows campuses in Asbury, Iowa, that SLIB had facilitated the sale of in October, Luther Manor – Hillcrest Campus was previously owned by the not-for-profit Luther Manor Home, before it fell into receivership. It opened in 1969 and went through several additions through 2012 to now include 32 independent living units and 86 skilled nursing beds. The IL portion was just 59% occupied, while the skilled nursing portion was nearly full, at 98%. And the campus operated at a... Read More »Schedule a demo
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