Blueprint conducted a confidential marketing process on behalf of the seller, a longtime owner-operator within the state looking to sell one of its legacy assets. Originally built for assisted living in 1997, the community underwent an expansion in 1999 to allow for the addition of independent living units. Also included in the sale was excess land intended for future development of additional independent living units.
Historically stable cash-flow and the opportunity to create value through the development of new units was appealing to the ultimate buyer, an Alabama-based owner-operator looking to re-enter the seniors housing space. Blueprint previously represented the buyer in early 2019 for the sale of their family owner-operator business. Using proceeds from that sale, the buyer utilized a 1031 exchange to purchase this community.
Brooks Blackmon was the lead advisor on the transaction, which closed in less than three months from the time Blueprint was engaged.