Michigan-Based Owner/Operator Buys Lansing Campus
A public REIT engaged Blueprint in the confidential divestiture of a 53-unit assisted living and memory care campus in Lansing, Michigan. The campus features two standalone buildings separately catering to assisted living residents and those requiring memory care. The well-maintained campus was originally built in 1997 and consisted of 19 assisted living units licensed as an Adult Large Group Home and 34 memory care units licensed as Home for the Aged. Blueprint targeted local and regional investors and providers, resulting in multiple competitive offers. Ultimately, a longstanding, Michigan-based owner and operator was chosen, furthering its desire to expand throughout central and... Read More »
Bidding War Boosts AL/MC Sale
Kyle Hallion, Kory Buzin and Steve Thomes of Blueprint drove competitive pricing after being engaged by a national lender and special servicer to handle the sale of a lender-owned property following foreclosure. The highly-occupied, 75-unit assisted living and memory care community in Raleigh, North Carolina, delivered strong in-place occupancy and solid cash flow. Blueprint’s marketing effort generated engagement from regional operators, private equity groups and national owners. There was competitive tension throughout the process, culminating in a final round that boosted the value for the seller. Read More »
Verdot Capital Divests Minnesota Full-Continuum Community
JLL Capital Markets completed the sale of Hayden Grove Bloomington, a 166-unit seniors housing community in Bloomington, Minnesota. The seller was Verdot Capital, and the buyer was undisclosed. The operator, Great Lakes Management, will stay in place to manage the community. Opened in 2021, Hayden Grove Bloomington is a four-story building offering independent living, assisted living and memory care. It is close to nearby healthcare services such as M Health Fairview and Hennepin Healthcare facilities. Residents have access to a variety of activities and events on-site in addition to amenities, including underground parking, a private dining room, bistro, coffee lounge, game room, party... Read More »
Berkadia Closes in Ohio and Texas
Berkadia handled the sale of a 65-unit seniors housing community in Akron, Ohio. Featuring both assisted living and memory care services, the community appears to be Brookdale Bath, which was built in 1998. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. Garbers, Tremper, Fasano and Sanders also facilitated the sale of Clayton Oaks Living, a 98-unit assisted living and memory community in Richmond, Texas, located in the southwest suburbs of Houston. The seller was Bridgewood Property Company, a Houston-based developer, owner and operator. Built in 2015, the community was over 90% occupied at closing. The community was purchased by a joint venture between... Read More »
Sabra Trims Forecast, Tempering a Solid Quarter
Sabra Health Care REIT, Inc. announced several acquisitions in its third quarter results. The REIT acquired six managed seniors housing properties for $217.5 million with an estimated initial cash yield of 7.8%, three of which were acquired through a consolidated joint venture in which Sabra has a 95% equity interest. The company also purchased the operations of four managed seniors housing properties during the quarter. The assets were previously leased to a tenant under triple-net operating leases for $19.7 million. Subsequent to quarter end, Sabra closed on three additional managed seniors housing properties for $124.0 million with an estimated initial cash yield of 7.0%, bringing... Read More »Schedule a demo
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