SAN ANGELO, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo.
A publicly traded REIT sold the asset, which was built in 2012. The two adjacent buildings sit on 2.8 acres, including room for future expansion.
As the newest seniors housing community in San Angelo, the property historically generated strong operational performance with occupancies exceeding 85 percent in 2019, while generating cash flows of $1.5 million at a 34 percent margin in the same period.
After experiencing an occupancy disruption in 2021 from weather related damages, the community quickly rebounded with occupancy approaching 87 percent at the time of marketing.
The buyer was an East Coast-based owner-operator looking to expand upon its footprint within Texas. The price was not disclosed.