Originally built in 1989, the community’s occupancy struggled to fully recover from pandemic-era lows, pushing the underlying investment well beyond the desired hold period. Ownership approached Blueprint to conduct a risk/reward analysis of executing a material capex investment program, versus simply divesting—Ownership elected the latter.

Blueprint then designed a targeted marketing effort highlighting the asset’s advantageous location within 1-mile of two large regional hospitals; the lack of competitive supply, existing or forthcoming; and, most importantly, the community’s demonstrated history of resilient performance. Even during periods of depressed occupancy during and following the pandemic, it remained cash-flow positive.

Blueprint’s process attracted interest from a wide range of investors and operators focused on the region. In marketing the deal, Blueprint articulated the community’s significant upside potential achievable through refreshing the interior, right-sizing operations, and generally repositioning of the offering to the surrounding submarket.

Ultimately, CareOne in partnership with Cardinal Senior Living was selected as the buyer. Given Cardinal’s presence in Pennsylvania, the acquisition aligned with their capabilities and represented a strategic expansion of their existing regional footprint. Blueprint worked hand-in-glove with the counterparties and the buyer’s lender to navigate several unexpected fireworks throughout the transaction. In the end, Independence Court closed two days before July 4th.

This successful closing underscores Blueprint’s track record of connecting institutional sellers with well-matched regional operators to achieve mutually beneficial outcomes.