Park Visalia was originally acquired in 2014, and ownership invested in several capital improvement projects and brought in a California-based third party management company to boost occupancy and turnaround operations. However, after the first year occupancy remained constantly below market levels. The owner elected to transition the operations to a Midwest-based provider that managed to stabilize key leadership staff positions and ultimately improve occupancy and cash flow.
Following the operational improvement, the seller–a Chicago-based private equity real estate firm–sought to divest of the asset due to the remote location in comparison to its headquarters and other seniors housing real estate assets. Blueprint was engaged to execute a strategic and expedited sales process and in less than 30 days Blueprint procured multiple qualified offers from both owner-operators and healthcare real estate investors. The buyer was a privately-held real estate investment company focused and based on the West Coast, and Park Visalia represents the buyer’s fourth California seniors housing acquisition in the past two years. The buyer plans to extensively remodel the community including the addition of a secured memory care wing. Park Visalia will be operated by a reputable senior living management company with several other locations in the state, and the addition of Park Visalia will further enhance their presence in the region.
Jacob Gehl, Ben Firestone, and Michael Segal were the lead advisors on the transaction.