APPLETON, Wis. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of an 80-unit assisted living and memory care community in Appleton, near Lake Winnebago southwest of Green Bay.
A national developer/investor engaged Blueprint to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. These communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis contemplating operator transitions to create regional groupings coupled with the intent to invest in renovations and repositioning.
Unfortunately, the cumulative impact of COVID followed by an unprecedented rise in interest rates created meaningful headwinds to the original thesis and drove a portfolio re-prioritization, rationalization and de-levering effort.
The community opened in the late 1990s. While a fairly strong performer pre-COVID, and trending back up in early 2023, the community was ultimately deemed “non-core” as ownership looked to re-focus on ground-up development and select re-development opportunities in its core coastal footprints.
The buyer was the incumbent operator, Health Dimensions Group. The price was not disclosed.
Alex Florea led the Blueprint team.