In wake of operational challenges stemming from the pandemic, the third-party manager focused its recovery efforts on occupancy and rate growth. Blueprint highlighted improving resident rental rates and strong historical performance, in addition to the attractive assumable HUD debt already in place.

Blueprint’s marketing process targeted owners and investors with an existing footprint within Washington and the surrounding geography resulting in multiple competitive offers from regional owners/operators seeking strategic platform expansion opportunities through acquisition. The seller ultimately selected a growing West Coast-based owner/operator as the buyer given its proposal to assume the existing HUD mortgage.

Once Blueprint struck the deal between buyer and seller, Blueprint continued working closely with all parties to proactively navigate the transition and loan assumption processes to ensure a timeline and seamless closing.