Originally built in 2006, Park Place was acquired in 2011 by a joint venture of AEW and First Capitol Group. The venture was able to dramatically unlock and add value over the course of its hold period by expanding the community with the addition of assisted living units and by converting units to memory care.
Blueprint was exclusively retained by ownership to conduct a highly confidential and strategic marketing process. As the memory care units were leased and the community trended toward stabilization, Blueprint positioned Park Place as an exceptional opportunity to acquire a Class-A Seniors Housing asset with stable occupancy and cash flow. Further, Park Place benefited from being located in a market with strong demographics and senior population growth.
Ben Firestone was lead advisor on the transaction.