Minnesota AL & MC
Sale of 67-unit assisted living and memory care community in Minnesota
Blueprint is pleased to announce the successful sale of Oak Ridge Assisted Living, a 67-unit assisted living and memory care community located in Hastings, Minnesota (suburban St. Paul). Purpose-built in 2001, Oak Ridge is a three-story building situated on approximately 2.5 acres in a predominantly residential neighborhood. The community is comprised of 67 studios and one-bedrooms-units, 20 of which are dedicated exclusively to memory care.
The community was owned and operated by the largest non-profit provider of affordable housing in Minnesota, and Oak Ridge was the seller’s single assisted living community remaining within its portfolio.
Oak Ridge was sold to a Chicago-based private equity firm, and this closing represents the Buyer’s second seniors housing acquisition in the Twin Cities metropolitan area within the past 18 months.
Moving forward, Oak Ridge will be managed by an experienced Minnesota-based operator.
The purchase price was approximately $6,750,000, or $100,000 per unit.
While there was a limited amount of in-place cash flow at the time of sale, Oak Ridge presented a value-add opportunity to the buyer in that both census mix and operating expenses had not met the asset’s full potential under previous ownership.