Opened in 2016 and February 2020, respectively, the two communities are approximately 10 miles apart, comprise 200+ units of Assisted Living and Memory Care, and offer complementary asset profiles

While the smaller, 2016-vintage community had never fully stabilized, it had maintained modest in-place cashflow and showed positive momentum through launch. The larger community, which opened February 2020, had never fully recovered from its COVID-driven lease-up challenges but showed encouraging margin potential even at lower occupancies

The ownership group decided to pursue a strategic sale of the communities to both de-lever and accelerate the wind-down of the maturing fund holding these communities

Balancing the attractive scale and quality of the offering, offset by it’s true value-add profile in a challenging capital markets environment, Blueprint’s marketing process was inclusive but focused on established owner-operators with strong capital relationships and investors able to buy with low/no conventional leverage

Through a comprehensive marketing effort, Blueprint received an array of both asset-level and portfolio bids and was able to arrive at a portfolio bid that offered an optimal blend of execution speed and certainty, flexibility, and pricing from a joint-venture between Persimmon Ventures and Capital Senior Ventures

Seller, Blueprint, and the incoming buyer group worked hand-in-hand to successfully close the transaction through a period of elevated uncertainty in the broader M&A market as well as a variety of deal-specific operational and execution challenges