The original owners and developers of the campus elected to sell the property after twenty-five years of ownership and engaged Blueprint’s Pacific Northwest veteran, Dan Mahoney, to lead the disposition.
Blueprint conducted a confidential and targeted marketing process by utilizing its deep understanding of active national and regional players. The process led to securing a well-capitalized REIT investor as the buyer. The REIT acquired the property and entered into a new management agreement with the current operator. The result was a successful outcome for all parties, including a smooth ownership transition without any disruption to operations.
The purchase price was $92 million or approximately $322,000 per unit and represented a return of 6.40% based on trailing EBITDAR.
The transaction was handled by Mahoney, Jacob Gehl, and Blake Bozett.