A senior housing portfolio made up of 10 communities in the U.S. Southeast has a new owner/operator.
The portfolio includes eight properties in Alabama, one in Mississippi and another in Tennessee, according to the firm that arranged the sale, Blueprint Healthcare Real Estate Advisors.
The seller was Cottage Senior Living, a family-owned senior living provider headquartered in Huntsville, Alabama, Blueprint told Senior Housing News. The buyer was Hickory Senior Living. This marks Hickory’s entry into Alabama. The company is based in Memphis, Tennessee and owns and operates nine communities in Mississippi, offering independent living, assisted living and memory care.
“The Alabama-based, owner-operator seller was a family with a 30-year history in the seniors housing industry,” Blueprint wrote in an announcement about the deal. “The communities had an exceptional reputation in the local markets each served, and the family looked to Blueprint to find a buyer that would continue the legacy they had worked to build, as well as maximize value.”
Financial terms of the deal were not publicly shared.
The transaction was facilitated by Brooks Blackmon, a senior associate with Blueprint who specializes in Southeast transactions, and Ben Firestone, a senior managing director and co-founding partner. Blueprint is a Chicago-based advisory firm focused on senior housing and health care real estate.
The Southeast has seen some high-profile senior housing and care transactions already in 2019. In January, private equity firm Bridge Investment Group announced it had acquired the real estate and operations of Birmingham, Alabama-based Somerby Senior Living. And in the home health space, Encompass Health this week announced the $217.5 million purchase of Birmingham-based Alacare.