The community opened in late 2019 offering high-end design and finishes, Class A amenities, and a comprehensive unit mix catering to a wide range of resident acuities/needs, all on a picturesque 11-acre campus

While lease-up progress was solid through COVID, rates and margin were always strong, leading to meaningful cash flow when occupancy started to approach stabilization in 2022. Seeing the performance trend, the ownership group decided to pursue an opportunistic disposition ahead of plan to lock in returns and return capital to investors early in the fund’s life

Given a high potential, nearly stabilized community in a secondary but coastal market, Blueprint’s marketing process focused on maximizing the bidder pool and using competition to drive pricing during an uncertain market environment. To achieve this, Blueprint targeted national investors who could retain the national operator currently managing the community, regional owner-operators (and their growing capital partner stable), family offices looking to expand beyond development, and not-for-profits active in the region

The process led to a strong and diverse bidder pool that included household name national private equity firms, owner-operators, a family office, and Inspired Healthcare Capital, a national DST sponsor. This, in conjunction with continued strong performance at the community, bolstered market pricing and terms and allowed for a winning bidder to be selected more holistically

Ultimately, Inspired emerged as the winning bidder on the strength of their terms and broader nature of their offer which included retaining the incumbent operator and a low leverage execution. Seller, the incoming buyer, and Blueprint worked hand-in-hand to successfully close the transaction through a very challenging capital markets environment

“Alex, Steve, Kory, and the Blueprint Team expertly managed the disposition of our high-performing assisted living and memory care asset, The Landing of North Haven. The entire process was both efficient and fully transparent, yielding an outstanding outcome for our investors. It was a pleasure working with the Blueprint team and we look forward to realizing continued successes together across our robust portfolio of premier senior housing assets.” - Pete Aparico | President and Head of Real Estate at Columbia Pacific Advisors