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Opened in 2004 and 2015, respectively, Spring Arbor of Richmond offered 70 units of assisted living and memory care while Spring Arbor Cottage of Richmond offered 48 units of memory care. Although performance declined in the wake of COVID, average revenue per occupied unit remained near $8,000, showcasing the resiliency of the market despite lower post-pandemic occupancy at these communities.
Following a thorough marketing effort, Blueprint received five offers from a healthy bidder pool spanning private equity, local and regional owner/operators, and national operators. Ultimately, a regional not-for-profit owner/operator was selected in an all-cash transaction.
Seller, Blueprint, and the acquirer worked hand-in-hand to bring this process to a successful outcome.
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