With the community struggling to rebound from pandemic-era lows, and the fund’s investment horizon approaching, ownership approached Blueprint to conduct a risk/reward analysis of executing a material capex investment program versus simply divesting – ultimately electing to test the market.

Blueprint designed a targeted marketing campaign highlighting the West End submarket’s impressive seniors housing demand fundamentals and the value-add potential of a repositioning given the strength of the sub-market.

Targeting buyer prospects with a presence and/or interest in Richmond, the marketing campaign yielded several competitive offers from a mix of buyer profiles, including Non-Profits, PE-backed Operators, and a smaller owner/operator/sponsor.

After initially awarding the deal to a non-profit, the deal stalled due to a number of operational setbacks during diligence and the buyer elected to pull out of the deal. Undeterred, Blueprint re-engaged with other bidders and ultimately put the deal back under LOI at the same price but with a new buyer.

The deal closed at the agreed-upon price and terms following an accelerated and collaborative process in which Blueprint and seller worked closely with the buyer to expedite contract negotiations and licensure approvals.

This transaction underscores Blueprint’s ability to navigate the transactional challenges inherent in distressed assets, identify and remain in contact with committed buyer prospects, and drive momentum toward a closing.