Opened in 2020, the community offers approximately 100 units of Assisted Living and Memory Care as well as a suite of contemporary amenities. Despite an attractive physical plant, the community faced lease-up challenges post opening, and subsequent regulatory challenges throughout 2022 drove an operator transition with Legend Senior Living taking over operations in early 2023.

Given the nuanced story and relatively limited time for Legend to effectuate a turnaround prior to launch, Blueprint focused its marketing efforts on a subset of well capitalized and risk tolerant investors as well as a number of regionally engrained and well-capitalized owner-operators.

Through a comprehensive, multi-round marketing effort, Blueprint received multiple offers spanning several national investors, owner-operators, and an under-the-radar family office-backed sponsor.

Validating the investment thesis, Legend was able to materially grow occupancy throughout the sale process, which, coupled with strong rate management and expense controls, allowed the community to achieve, and sustain, positive NOI.

Ultimately, the seller elected to move forward with a buyer group comprised of Legend and a national investor. The transaction closed smoothly, at the agreed-upon price, and within two months of LOI execution.

This constitutes the fourth Philadelphia senior living community sold by Blueprint in the last twelve months.