DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of Lakeland Hills Senior Living, a 170-unit seniors housing community in Dallas.
Originally built in 1987, the community was renovated in 2013 with several additional capital investments and upgrades completed since 2016.
Following a previous operator transition, the REIT owner converted over 20 percent of the assisted living units to establish Lakeland Hills as exclusively independent living. Occupancy declined immediately following the conversion, but steadily improved month-over-month as the community was repositioned as an affordable independent living provider.
Blueprint positioned the value-add offering as an opportunity to improve below-market rental rates as occupancy continued to climb, and possibly reintroduce licensed assisted living services as resident care needs evolve to further bolster revenues.
A Maryland-based private equity investor acquired the property for an undisclosed price.