Continuing the firm’s impressive run so far this month, Jacob Gehl and Connor “Scratch Golfer” Doherty of Blueprint Healthcare Real Estate Advisers handled the sale of a 60-bed skilled nursing facility in Ironton, Ohio that was operationally under par. Both the census (which stood at 75% as of the end of 2015, but has been trending upward since) and cash flow (which was negative) could be improved at the 60-year old facility and required the right kind of buyer. Helping the buyer’s cause is that the facility was substantially rehabbed in 1985 and significant improvements have been made since then as well. Blueprint helped orchestrate the partnership buyer, which included a regional operator with a focus of high acuity care and an opportunistic real estate investor with a history of successful value-add acquisitions. The partnership paid $2.1 million, or $35,000 per bed, for the property. Just another chip-and-a-putt sale for Doherty.
Sell while the iron’s hot
