Developed in 1999, the 87,000 square foot community features 76 assisted living and 24 memory care units with standard senior living amenities and accommodations. Atria Stratford is situated in the extremely competitive submarket between Bridgeport and New Haven. The affluent area commands relatively high rental rates with 98% average assisted living market occupancy. As several formidable competitors entered the local market offering attractive incentives and promotions, the community experienced significant leadership turnover and occupancy dropped. While rents held relatively constant, performance steadily declined, and Blueprint was engaged.
Blueprint positioned the value-add offering to a mix of buyer profiles by projecting modest occupancy increases at market rent levels resulting from a successful community refresh effort and targeted marketing campaign by dedicated leadership. Multiple offers were received with the partners of Woodbine Senior Living ultimately selected as the buyer for their clear demonstration of execution certainty and resource commitment to completing the transaction. Blueprint worked alongside all parties to expeditiously close on a relatively tight timeline.
Ben Firestone, Steve Thomes, Michael Segal, and Alex Florea facilitated the sale.