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Captain Swap on Puget Sound

Sale of a 50-unit/64-bed Memory Care Community in Bremerton, WA
Blueprint navigated uncertain market waters to source a local regional owner-operator for the helm
Blueprint successfully completed the sale of a 50-unit memory care community in Bremerton, WA. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care focused community in 2017

The private pay community maintained a 66% occupancy during the last couple of years producing an average operating margin of 15%

Located in an outlying market for the Seller, the decision to sell was strategic, allowing the existing owner the ability to focus on markets in which they have a larger presence

The buyer, an established Seattle MSA owner-operator focused on memory care, plans to continue the focus on quality care as well as allocate approximately 20% of the rent roll to Medicaid residents

The purchase price was $10,600,000, approximately $212,000 per unit

Dan Mahoney