MANALAPAN TOWNSHIP, N.J. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a Class A seniors housing facility located in Manalapan Township, roughly 45 miles outside New York City. Delivered in 2022, the community includes 60 residences and features both assisted living and memory care units. Ben Firestone, Steve Thomes and Kory Buzin of Blueprint represented the New Jersey-based seller in the transaction.
Springpoint, the tenant in place at the property, acquired the community for an undisclosed price. According to Blueprint, the facility experienced occupancy issues during its first two years of operation, failing to achieve a stable net operating income. Despite this issue, Blueprint expects the asset to stabilize quickly due to the submarket’s sound fundamentals and favorable demographics.