New Castle in El Paso
Sale of Royal Estates, a 142-unit seniors housing community located in El Paso, Texas
Originally built in 1997, the community's 142 units are divided among 75 independent living units and 67 assisted living units
The seller was facing recent operational challenges that led to occupancy rates of approximately 73% when the sale process started.
However, El Paso is among the fastest growing metropolitan statistical areas in the country. Despite its lower-than-average occupancy numbers, the community had developed and maintained a strong reputation in the local marketplace, indicating the building had a clear and identifiable upside.
Blueprint's extensive track record in El Paso and strong relationships with investors seeking seniors housing opportunities in the metro area led to a highly targeted marketing process. Blueprint successfully identified and selected a winning bidder: Palatine Capital Partners.
Palatine is a Miami, Florida-based real estate private equity firm with $1.3 billion in assets under management. The company's purchase of Royal Estates is a strong indicator of its aggressive push to expand its senior living portfolio.