Triumphant in the Tri-Cities
Sale of an 82-unit assisted living and memory care facility in Pasco, Washington
Blueprint expertly navigates trying market conditions and leverages local relationships to identify well-capitalized buyer in Washington
Tri-Cities Retirement Inn is a well-maintained seniors housing community located in a market with limited direct competition and a rapidly growing senior population.
Blueprint’s concise marketing approach focused on presenting the property as an opportunity for an incoming investor to acquire a cash-flowing asset with significant achievable upside through increased operational efficiencies combined with targeted capital improvements.
Blueprint’s collaborative efforts with the seller focused on identifying a reputable buyer with the goal of maximizing price and execution probability and ultimately selected a growing Washington-based owner-operator, marking their second acquisition with Blueprint over the past six months. The buyer secured an SBA loan at roughly 85% LTV through First Interstate Bank and will benefit from economies of scale already having two communities in the Tri-Cities area.
The exiting owner worked diligently and in good faith amid the COVID-19 pandemic by testing residents and staff continuously to ensure minimal disruption for the incoming buyer, only having one reported case throughout the transition.
Blueprint navigated the seller through multiple extensions to closing due to the pandemic as well as assisted the acquirer in obtaining attractive financing to ensure a mutually beneficial outcome for all parties involved.