SALT LAKE CITY AND ST. GEORGE, Utah — Blueprint Healthcare Real Estate Advisors has brokered the sale of two communities in Utah.
The seller was a national developer/investor seeking an exit from more than a dozen geographically disparate, older-vintage communities. Pennant Group acquired the assets for an undisclosed price.
The communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis of operator transitions to create regional groupings coupled with renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by the unprecedented rise in interest rates created meaningful headwinds to the original thesis and drove a portfolio re-prioritization, rationalization and de-levering effort for the owner.
Opened in 1999/2000, the Utah portfolio consisted of a 113-unit assisted living and memory care community in urban-infill Salt Lake City site and a 75-unit assisted living and memory care community in Saint George, located in the southwest corner of the state near the Nevada and Arizona borders.
Alex Florea, Giancarlo Riso and Amy Sitzman led the Blueprint team.