Walking From Memphis
Sale of the Gardens of Germantown, a 48-unit/62-bed memory care community located in the affluent Memphis, Tennessee suburb of Germantown
Blueprint executed the transaction on behalf of a real estate investment manager
Built in 2011, the Gardens of Germantown successfully leased up by 2013 with all private pay residents and commanded some of the market's highest rental rates. Offering state-of-the-art amenities and an open concept floor plan, the Gardens of Germantown established itself as a premier memory care provider in the area.
In the time the community reached stabilized occupancy levels, several new competitors offering a variety of senior living care options entered the market, resulting in pressure on both rates and occupancy. Increasing care and labor costs compounded these challenges, and cash flows declined as a result.
As one of the last remaining assets in the fund, ownership engaged Blueprint to facilitate the sale process. Blueprint’s marketing campaign highlighted the strong historical performance and value creation opportunity for a regionally focused operator to reposition the community. By creating a competitive bidding process between multiple qualified investors and regional providers, the seller and Blueprint struck a deal with Vitality Living, a Tennessee-based senior living provider.
With superior local market knowledge and a growing footprint in the state, the Gardens of Germantown was a strategic acquisition that expanded the buyer’s operating platform to seven locations in the state.