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PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 114-unit assisted living and memory care community in the suburbs of Philadelphia.
Ownership acquired the 1988-built community in 2018 with a plan to execute an investment and repositioning strategy. Ownership subsequently invested significant capital to renovate and modernize the community.
However, a subsequent influx of new competitive supply caused a persistent drag on occupancy and rate growth, according to Blueprint. The challenges were then exacerbated by the pandemic and its lasting inflationary impact on operating expenses.
The seller, buyer and price were not disclosed.
Kory Buzin, Steve Thomes and Ben Firestone led the Blueprint team.