PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two Class A assisted living and memory care communities in the Philadelphia metro area.
The seller was a national developer and investor. A joint venture between Persimmon Ventures and Capital Senior Ventures acquired the assets for an undisclosed price.
Opened in 2016 and February 2020, the two communities are approximately 10 miles apart, comprise 200 units, and offer complementary asset profiles.
While the smaller, 2016-vintage community had never fully stabilized, it had maintained modest in-place cashflow and showed positive momentum through marketing. The larger community, which opened February 2020, had never fully recovered from its COVID-driven lease-up challenges but showed encouraging margin potential even at lower occupancies, according to Blueprint.
The ownership group decided to pursue a strategic sale of the communities to both de-lever and accelerate the wind-down of the maturing fund holding these communities.
The Blueprint team included Alex Florea, Steve Thomes and Kory Buzin.