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The 30-unit community was built in 1996 with current ownership, Pines Senior Living, and their investors saw an opportunity. They invested $600,000 in renovations between 2022 and 2023 to modernize the common areas, add updated amenities, fully renovate resident units, and enhance the community’s exterior. Additionally, the operations turned around and focused on strong programs and clinical care revenues aided in the value.
As a result of the renovations, census at the community increased from 60% to 85% in the trailing three-month window prior to marketing.
With only one competitor within 20 miles of the subject property, the community was well-positioned to continue the recent occupancy growth post-renovation. It also provided an incoming investor the opportunity to grow rates over time upon reaching stabilization.
Leveraging its market-leading relationships within Texas, Blueprint was able to procure a highly competitive all-cash offer from an East Texas-based investor seeking to enter the seniors housing industry.
Blueprint worked with all parties to close on an expedited timeframe which included negotiating and signing a purchase agreement just five days after LOI execution, and a successful closing date of December 30th, just 40 days after LOI execution.
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