Platinum does it again

A few weeks ago, we wrote of a turnaround sale by Platinum Health Care, which after two years of ownership sold a 114-unit assisted living/memory care community in Peoria, Arizona for more than double its original investment. Now, the owner/operator is selling two more of its non-core assets that it purchased in February 2014, for a pretty profit. First up, in Fort Myers, Florida, Platinum sold a 74-unit assisted living/memory care community for $5.65 million, or $76,000 per unit and 71% higher than the $3.3 million the company paid in 2014. A joint venture between a publicly traded REIT and a regional operator was the buyer, and Trent Gherardini and Ben Firestone of Blueprint Healthcare Real Estate Advisors handled the transaction. Then, Mr. Firestone, with Jacob Gehl, Mike Segal and Mario Wilson, sold a 118-unit assisted living community in West Allis, Wisconsin for $6.5 million, or 242% higher than the 2014 purchase price of $1.9 million. The same publicly traded REIT was the buyer for this transaction too. For more details on these deals, read about them in the April issue of The SeniorCare Investor.