PLANO, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 65-unit assisted living and memory care community in Plano, north of Dallas. The community was originally built in the 1990s.
A national developer/investor engaged Blueprint 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 sizable portfolio transaction pre-COVID under a value-add plan to implement operator transitions to create regional groupings coupled with renovations and repositioning.
Unfortunately, the cumulative impact of COVID followed by an unprecedented rise in interest rates created headwinds to the original plan and drove a portfolio re-prioritization, rationalization, and de-levering effort by the seller.
A regional owner-operator acquired the asset for an undisclosed price as part of a Texas expansion plan.
Giancarlo Riso, Amy Sitzman and Alex Florea led the Blueprint team.