DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit assisted living and memory care community in the Preston Hollow area of Dallas.
The seller was a national developer and investor looking to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. The 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 meaningfully invest in renovations and repositioning.
Unfortunately, according to Blueprint, the cumulative impact of COVID followed by an unprecedented rise in interest rates created headwinds to the original thesis and drove a portfolio re-prioritization, rationalization and de-levering effort.
Opened in the early 1990s, the property is well located in an affluent submarket.
The buyer was the existing operator, Juniper Communities. The price was not disclosed.
Alex Florea, Giancarlo Riso and Amy Sitzman led the Blueprint team.