The community opened in late 2017 offering high-end design and finishes, Class A amenities, and a diverse unit mix catering to a range of resident needs. Despite some early traction, performance stalled going into, and through, COVID before showing signs of resurgence in the trailing 12 months

The ownership group and operator, both based in Seattle, decided to pursue a strategic sale of the community to recycle and reprioritize capital given the lack of market scale in Oklahoma or proximity to their subsequent development pipeline

Given a cash flowing but un-stabilized community in an “up and coming” Oklahoma market, Blueprint’s marketing process focused on owner-operators and developers with either an existing Oklahoma presence, or a broader regional presence and desire to shift their offerings upstream into Class A product

Blueprint positioned the community as a desirable and more economic alternative to ground up development in a growing submarket largely insulated from new supply by today’s elevated development costs

Ultimately a growing operator with deep regional roots, in partnership with an institutional investor, emerged as the winning bidder. Seller, the outgoing operator, and the incoming buyer group worked hand-in-hand to successfully close the transaction at the agreed upon price and terms in under 60 days from execution of the LOI

This closing constitutes the 3rd Class A community Blueprint has sold in Oklahoma in the last 6 months