Ownership approached Blueprint with the mandate after a previously failed sale process left them focused on achieving a sale. The well positioned and purpose built 2016 vintage asset struggled with lease up, thus was cash flow neutral at the time of sale. Blueprint focused its marketing efforts toward a select pool of prospects that specialize in deep value-add seniors housing opportunities.
After developing a competitive bidding environment through this targeted marketing campaign, Blueprint selected a regional developer owner-operator as the purchaser given its operating experience, deep resources, and concentration in Northeast Ohio. The highly capable incoming owner-operator plans to delicense the SNF beds, introduce memory care, and has already begun leasing up the community by bringing in new leadership and implementing a re-branding strategy.
Connor Doherty and Ryan Kelly were the lead advisors on the transaction.