Blueprint conducted an extensive marketing campaign approaching a select group of qualified purchasers seeking to grow on the west coast of Florida. At the time of sale, the subject’s operating performance was trending positively enabling Blueprint to create a competitive bidding environment for the offering. In addition to the trending cash flows, the occupancy was hovering around 70% which represented upside to the marketplace. Blueprint effectively procured five qualified offers translating to maximum value for the seller. The successful winning bidder was a joint venture between a publicly-traded REIT and a regional operator who inserted this acquisition into an existing master lease.
The purchase price was $5,650,000, or approximately $76,000 per unit.
Trent M. Gherardini and Ben Firestone were the lead advisors on this transaction.