Blueprint Sells Two New York ALFs
A couple of value-add assisted living communities sold in upstate New York. Blueprint Healthcare Real Estate Advisors was hired by the REIT seller to lead the sale process, which was part of a larger strategic disposition. Located in the greater Rochester market, the two communities were underperforming, which was only made worse by the pandemic. A very competitive regional market for assisted living services also made for a tough operating environment. So, a regional buyer with ties in the Rochester market ended up as the acquirer and the license transfer was completed. They paid an undisclosed cash amount. Working on the transaction was Blueprint’s Ben Firestone, Steve... Read More »
Merrill Commercial Real Estate Sells Memory Care Community Out of Receivership
Tyler Merrill of Merrill Commercial Real Estate took an Oregon memory care community that was in receivership and sold it to a group of individual investors new to the industry. To take on the turnaround, that buyer group hired a Northwest-based operator to manage the community. It’s not an easy time for that, to say the least, but with a purchase price of $3 million, or $54,500 per unit, there is certainty some wiggle room to add value. Built in 1998, this 55-unit memory care community is located in Coos Bay on the central Oregon coast. Its previous owner originally acquired the community as part of a four-property portfolio in 2008, and Mr. Merrill was brought in to sell all four in... Read More »
Blueprint Handles Cleveland Closing
A private owner/operator looking to expand its presence and increase its operational leverage in the Midwest acquired an assisted living/memory care community in Cleveland, Ohio, with the help of Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors. Featuring 133 units about evenly split between assisted living and memory care, this community was built in the early 2000s. It has struggled with occupancy, leading its national owner/operator to seek a sale. Blueprint brought the asset to a well-capitalized private owner/operator, which will reposition the community as an affordable option in the Cleveland MSA by utilizing the state’s... Read More »
Blueprint Handles Not-For-Profit Sale to The Ensign Group
According to its second quarter earnings report, The Ensign Group certainly defied expectations for the rest of the senior care industry and has been performing relatively well lately. The company also announced its acquisition of a CCRC in Tempe, Arizona, which we’ve learned Blueprint Healthcare Real Estate Advisors helped facilitate. Previously owned and operated by Volunteers of America Senior Living, a large not-for-profit with over 20 communities in its portfolio, the campus includes a 62-bed skilled nursing facility and a senior living community with 90 independent living and 72 assisted living units. The community has a 40-year history in the Tempe market and maintained a good... Read More »Schedule a demo
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