June 30, 2017, Blueprint Real Estate Advisors - Blueprint is pleased to announce the successful sale of a four property assisted living and memory care portfolio in Indiana and Iowa. Blueprint conducted an exclusive sales process on behalf of a publicly traded REIT and a national operator that sought a strategic exit of the operations and the assets.
The portfolio consisted of four senior living communities (three in Indiana and one in Iowa) with unit capacities ranging between 35 and 62 total units and constructed in the late 1990s. Each property's resident population was nearly all private pay and experienced varying levels of occupancy challenges. Blueprint set forth a bespoke marketing plan that targeted operators seeking growth in secondary and tertiary markets and value-add opportunities.
Blueprint selected a buyer in a well capitalized, national owner/operator that had an existing presence with proximity to, yet not directly competing with, all four of the subject properties. This group viewed the portfolio acquisition as an opportunity to expand and increase operating leverage within its geographic footprint. Blueprint negotiated a top-of-market transaction and managed the transaction to a seamless and successful closing.
The purchase price was $14,250,000, or approximately $102,000 per unit.
Ben Firestone and Mike Segal handled the transaction.