Summerfield Senior Living was opened in 1993 and acquired in 2005 by a Southern California-based real estate entrepreneur who contracted with a third-party manager to operate and improve the financial performance of the community. With a 100% private pay resident population and over $1,000,000 invested in capital improvements since 2008, Summerfield generated approximately $2,900,000 and $975,000 in total revenue and EBITDAR, respectively. In order to focus on acquiring other core property types, the seller engaged Blueprint to sell Summerfield, the only seniors housing asset in its portfolio. During the confidential marketing campaign the community’s cash flow continued to climb, and Blueprint positioned the offering as positively-trending to procure multiple competitive offers from qualified investors. Ultimately the winning bidder was a real estate investment and management firm with a growing national seniors housing portfolio. Summerfield represents the buyer’s twelfth seniors housing acquisition.
The purchase price was $13,500,000, or approximately $190,000 per unit.
Jacob Gehl and Mike Segal were the lead advisors on the transaction.