Blueprint completes sale of multi-state seniors housing portfolio located in the Pacific Northwest and closes amid industry instability initiated by the COVID-19 pandemic
- The portfolio included a regional cluster of eight private pay assisted living assets located between Oregon and Washington representing 321 total units
- The offering posed an opportunity for the incoming operator to build upon an existing regional platform while taking advantage of operational efficiencies already in place
- Blueprint’s rigorous marketing approach resulted in the procurement of over 10 offers ranging from single property acquisition proposals to full portfolio offers from a diverse buyer pool that each had a unique vision for the properties
- With Blueprint’s guidance, the client ultimately selected as buyer a joint venture between a sophisticated Arizona-based private equity firm and a reputable Oregon-based owner-operator
- Upon PSA execution, Blueprint functioned as the intermediary between seller and buyer which included creatively navigating a COVID-19 related material change in lender reserve requirements to ensure a positive outcome and efficient path to closing
- The buyer group intends to reposition the assets, depending on market demand, to include memory care while also accepting a limited amount of Medicaid, allowing for a more diverse resident population to increase occupancy and overall profitability while maintaining exceptional care