Sale of Parkrose Estates, a 100-unit independent living community located in the Syracuse, New York submarket of Liverpool
Blueprint executed the sales process on behalf of a private equity investor and a property manager, both of which have a longstanding, trusted relationship with Blueprint
Parkrose Estates was originally acquired by Capitol Seniors Housing in a sale-manage back transaction that retained Spectrum Retirement Communities, LLC. Ownership and management completed a series of renovations and capital improvement projects over the hold period, increasing property value and revenue along the way, and operational performance continued to improve as the investment matured.
Blueprint showcased the offering to the industry's most active acquirers of independent living, concluding with a fiercely competitive bidding process. While the ultimate purchaser, Chicago Pacific Founders Living Communities (CPF Living), emerged late in the process, Blueprint's key relationships on both sides of the transaction helped facilitate a successful outcome for all parties.
CPF Living is a senior living private equity fund based in Chicago. The fund will utilize its wholly-owned management company, Grace Management Inc., to operate Parkrose Estates. CPF Living acts as true owner and operator in all communities acquired by the fund.
"We are thrilled to have found Parkrose Estates and to be in the Liverpool, New York market. We are committed to providing the highest quality of life possible to all of our residents," said John Rijos, CPF Living's President and CEO. Rijos and Guy Geller, President of incoming manager Grace Management, Inc., have been ambassadors of Blueprint since its inception.