While the community was originally built as a limited service hotel, Blueprint successfully marketed the asset as a value-add seniors housing opportunity. The original owner, a local non-profit, had converted the building to an assisted living community but had little experience in seniors housing operations. The non-profit owner ran into financial trouble and was unable to complete the project.  A court-appointed receiver engaged Blueprint to conduct an auction on behalf of the bondholders, and Blueprint’s structured marketing process included a stalking horse auction. Ultimately, the prevailing bidder was found in a Phoenix-based investor that made its initial venture into the seniors housing space with its acquisition.

The purchase price was $3,100,000.

Jacob Gehl, Amy Sitzman, and Giancarlo Riso were the lead advisors on the transaction.