The Georgia-based owner-operator, who originally developed these communities in the late 1990s, made the decision to exit from ownership in order to focus on development in their home state. The communities had an exceptional reputation in the local markets each served and the seller looked to Blueprint to find a buyer that would continue the 20+ year legacy they built, as well as maximize value.
Blueprint confidentially marketed the historically stable portfolio to a targeted list of active national and regional investors. Blueprint positioned the portfolio as a unique opportunity to either develop a new regional operating platform or expand an existing one.
The marketing process resulted in the procurement of six competitive offers. The ultimate buyer was a joint venture partnership between California-based Griffin-American Healthcare REIT IV, Inc. and Georgia-based Senior Solutions Management Group (SSMG). Blueprint utilized its knowledge of each group’s purchasing motivation and operating expertise to forge a relationship for this transaction. While Griffin-American Healthcare REIT IV saw the offering as an opportunity to expand its existing nationwide platform of seniors housing communities in Louisiana, SSMG saw an opportunity to immediately scale in a state where it was not currently operating.
The transaction was facilitated by Brooks Blackmon and Steve Thomes.