Delmar Place
Blueprint is pleased to announce the successful closing of Delmar Place, a 94-unit Assisted Living and Memory Care Community located in suburban Albany, New York.

The transaction entailed a local developer selling its only seniors housing community to a joint venture of Ventas and Atria Senior Living for a purchase price of $27,000,000 or approximately $287,000 per unit.  Ben worked the transaction off-market for several years producing increasing bids from multiple bidders as the uptick in the community’s performance and the overall market continued to push the value of the subject property.  Based on the trailing twelve months EBITDA, the transaction represented a 7.00% cap rate.

Although Blueprint was never exclusively retained by the Seller to market the asset, Ben developed a relationship with this client as his trusted advisor over the course of nearly a decade.  There was no formal fee agreement in place, but given the relationship the Seller still honored the fee arrangement that was agreed to years prior to the closing.

Ben Firestone
Executive Managing Director & Co-Founder