Subject to Lease
Blueprint is pleased to announce the successful sale of an independent living and assisted living community located in Seattle, Washington. Blueprint successfully represented its client in the sale of the property, subject to an existing NNN lease.

Blueprint was charged with the mission of maximizing value for a NNN-leased asset operated by a local non-profit organization. The offering was uniquely positioned as an opportunity to acquire valuable underlying real estate subject to a NNN lease. Blueprint strategically promoted the community’s sound operational performance and lease coverage to showcase sustainable returns. Leveraging the high-density location just north of downtown Seattle that boasts attractive and growing senior demographics, Blueprint generated an incredibly competitive market for the offering. Blueprint utilized the auction-like environment to create leverage for its client to maximize value as well as execution certainty and transaction terms.

The buyer selected, a Seattle-based commercial real estate firm focused largely on the multifamily asset class, was attracted to the investment’s returns and, moreover, the exceptional location.

The purchase price was $24,500,000, or approximately $236,000 per unit. The transaction equates to a 6.90% yield on current rent.

Ben Firestone and Michael Segal executed the transaction with the assistance of Mike Mooney, who covers the Pacific Northwest region for the firm.

Ben Firestone
Executive Managing Director & Co-Founder
Michael Segal
Senior Managing Director
Michael Mooney
Senior Associate
(503) 303-0355