CHICAGO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of three value-add seniors housing communities in western suburbs of Chicago.
Opened between 1994 and 2000, the portfolio consisted of three geographically clustered communities, with two distinct managers, offering approximately 290 assisted living and memory care units and approximately 40 Medicare-only skilled nursing units.
The communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the communities to preserve liquidity and simplify the portfolio.
The buyer was a regional owner-operator looking to expand into Illinois. The seller was a national developer and investor. The price and specific communities were not disclosed.
Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon led the Blueprint team.