Public REIT Divests to Owner/Operator
Blueprint facilitated the sale of a Massachusetts skilled nursing facility on behalf of a public REIT in the senior care sector. The REIT determined that the facility was a strong candidate for sale due to its location. Plus, the former operator was switching focus to other assets in its mutual portfolio. Purpose-built in 1982 with significant renovations in 2006, the 78-bed facility is in Brighton, a neighborhood of Boston. The 91%-occupied building benefits from its proximity to Boston Medical Center – Brighton, just one mile away. At the time of sale, revenues exceeded $10 million annually. Blueprint targeted both skilled nursing and behavioral health buyers. There were... Read More »
Development Company Acquires Through Membership Buyout
A Missouri-based real estate developer engaged Blueprint to facilitate its membership buyout of a joint venture partner. Brooks Blackmon, Ben Firestone and Lauren Nagle handled the transaction. Four years ago, the firm was brought on to raise capital, ultimately sourcing an institutional capital partner to develop a private pay seniors housing community in the St. Louis, Missouri MSA. The Class-A community, with more than 150 independent living, assisted living and memory care units, opened its doors in January 2024, stabilizing after the lease-up period. At the time of recapitalization, the asset was generating approximately $3.7 million of annualized EBITDAR with an operating margin over... Read More »
Seller Exits Seniors Industry with Divestment to REIT
A single-asset seniors housing owner is exiting the industry with the sale of their property in Murrieta, California. Built in 2016 and 2018, Renaissance Village Murrieta has 142 units of assisted living and memory care in three stories. It was operating just below 70% occupancy, so there is plenty of room for a new owner to improve performance and increase value to the community. That buyer was a REIT, which will be partnering with an established West Coast operator that has a growing presence in California. Brad Goodsell, Jason Punzel and Vince Viverito of Senior Living Investment Brokerage handled the transaction, continuing an incredibly active October for the firm. Read More »
Deal Closes Following Buyer Withdrawals
After a long process that saw multiple buyers pull out from the deal, the sale of Sarah Neuman Skilled Nursing Facility in Mamaroneck, New York, has closed with the help of Mark Myers at Kiser Group. Owned by a religious not-for-profit organization, The New Jewish Home, the facility features 301 beds and was losing money. Myers had previously facilitated the 2016 sale of the seller’s 744-bed SNF in The Bronx for $110 million and, earlier this year, the sale of a 300-unit independent living community on the same Bronx campus for $40.5 million. The transaction faced some hurdles, including a challenging financing environment and stringent regulatory requirements from New York State that... Read More »
Community Trades Hands and Secures Freddie Mac Financing
Berkadia announced the sale and financing of Appletree Court, a 118-unit assisted living and memory care community in Richardson, Texas, in the Dallas MSA. The building was built in 1999 and underwent renovations in 2018 and 2023. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale on behalf of the seller, a joint venture between Marquee Capital (a Milwaukee-based family office affiliate of Marcus Investments) and Winterpast Capital Partners (a Nashville-based real estate investment company). The community will continue to be operated by Vitality Senior Living, Winterpast’s operating partner. Austin Sacco, Steve Muth,... Read More »Schedule a demo
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