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The portfolio included two fully stabilized communities that boasted high occupancy and above-market rates. The Memory Center Richmond consists of 48 units and opened in 2015 while The Memory Center Virginia Beach consists of 48 units and opened in 2008.
The sale mandate was initially paused because of COVID-19, but Blueprint continued to work closely with the seller to understand key objectives and underlying motivation to sell.
Heeding Blueprint’s guidance, the seller elected to commence marketing with a strategy that highlighted the portfolio’s stable performance and exceptional asset quality.
Blueprint selectively marketed the portfolio, targeting buyers with experience operating standalone memory care communities.
Because of its experience with similar assets, Blueprint selected ProMedica, an integrated health system with senior care services within its partnership with the ultimate acquirer, Welltower.
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