The property was identified for disposition after determining the smaller, older asset was a poor fit for the national memory care operator’s model. The community had no cash flow, low occupancy, and needed significant capital expenditures at the time of marketing. Its location in the affluent Turtle Creek neighborhood of Uptown Dallas, however, is one of the most coveted locations in the city.
Blueprint was selected to run the sale process for its track record with Texas transactions and success with challenging assignments. Blueprint cultivated a targeted list of investors and successfully positioned the value-add property to the market. A competitive bidding process yielded several qualified potential buyers.
Blueprint and the seller ultimately selected Iris Senior Living, a growing local owner-operator as the buyer. The community continued to experience operational obstacles throughout the diligence process and Blueprint effectively managed each hurdle to a successful close.
The transaction was facilitated by Ben Firestone and Joshua Salzman.