Blueprint Finds Tenant (and Buyer) in Large SNF Portfolio Deal
Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors were tasked with finding a new tenant for a portfolio of 12 skilled nursing facilities in Utah that were under contract to be sold. Their owner, a Utah-based owner/operator, was in the process of executing on a strategic firm-wide recapitalization, hence the portfolio sale, which included a total of 1,275 licensed beds. Blueprint launched a strategic process on behalf of its long-standing client that resulted in the identification of a Nevada-based operator which had strong interest in leasing the portfolio from the future buyer. Read More »
Hamister Group Acquires Fully Stabilized Memory Care Community
We have not seen many stabilized seniors housing deals close in the last several months, since most owners of these properties would rather collect the cash flow or rent instead of exiting in a higher-cap-rate environment. Other owners of these properties could see the latest interest rate increase by the Fed as a sign that we will be in this higher-rate environment for longer, and see the cost of holding onto the asset for another 18 months or two years as too expensive for their taste. One possible advantage of selling now is the scarcity of stabilized assets on the market, meaning one could still command a high price for their community. Arbor Terrace Fairfax in Chantilly, Virginia, was... Read More »
Institutional Owner Sells Three Vacant Seniors Housing Communities
An institutional owner divested a portfolio of three seniors housing communities in Florida and Ohio after closing them down in 2022 due to unsustainable operational losses. All were 1990s-vintage communities combining for 179 total units. The buildings also required a good amount of capex to reopen. There were three separate buyers that emerged to buy the communities, including a seniors housing, a behavioral health and a multifamily investor. The future of these communities is also varied, from seniors housing to behavioral. Originally engaged in December 2022, the Blueprint Healthcare Real Estate Advisors team of Kyle Hallion, Andrew Sfreddo, Ryan Kelly and Gunnar Raney closed... Read More »
Partnership Acquires Active Adult Community Near Orlando
Virtus Real Estate Capital and Blaze Capital Partners partnered to acquire The Pointe at Siena Ridge, a 163-unit active adult community in Davenport, Florida, a suburb southwest of Orlando. Built in 2021, the community features a mix of one- and two-bedroom units that range in size from 753 to 1,046 square feet. Blaze Capital Partners has made three other acquisitions in the active adult space in the last five months, including Hardy Springs in the Paulding County submarket of Atlanta, Annabelle on Main in the Duluth submarket of Atlanta, and Sage Stone Oak in San Antonio, Texas. However, The Pointe at Siena Ridge is Blaze’s first active adult investment in Florida. Blaze’s partner... Read More »
Cardinal Senior Management Expands Its Midwest Portfolio
The team at Newmark represented a family owner in their sale of Byron Center Manor, a 102-unit senior living community in Grand Rapids, Michigan. With the sale, the family exited the industry, except for a piece of seller financing that they provided on the deal. The Cook Family built the community in stages over the years, opening the independent living portion in 1989, followed by the assisted living in 1992 and the memory care unit in 2003. In the last several years, the community operated at around breakeven, with nearly $5.5 million of in-place revenues at the time of marketing. Occupancy was 90%, but a new owner could trim expenses to help make the community profitable going forward.... Read More »Schedule a demo
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