DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas.
A publicly traded REIT sold the property to local owner-operator Iris Senior Living. The price and name of the community were not disclosed.
The seller had determined the smaller, older asset was a poor fit for the national memory care operator’s model. The community had low cash flow, low occupancy and needed significant capital expenditures. Its location in the affluent Turtle Creek neighborhood of Uptown Dallas, though, is one of the most coveted locations in the city, offering a value-add opportunity for a buyer.
Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.