Blueprint heats up

There’s no such thing as a summer lull for Blueprint Healthcare Real Estate Advisors, as the firm closed five transactions (two seniors housing and three skilled nursing) in the past month. First up, Chris Hyldahl, with Gideon Orion supporting, sold a California skilled nursing facility that could certainly add in value. Built in 1963 with an addition in 1970, the building consists of 3 private rooms, 15 two-bedroom units and 22 three-bed wards, for a total of 99 beds, only 95 of which are operational. The facility currently operates at just a 4% margin on approximately $5.7 million of revenues, with an occupancy rate of 88% and a quality mix of 20%. So this transaction represents a good opportunity for the buyer, a local doctor who owns and operates another facility, to increase the value of the property. The buyer paid $6.0 million in cash, or $60,606 per bed.

Following that, Tim Cobb and Blueprint’s newest addition, Joshua Salzman, Esquire, sold two skilled nursing facilities in the Fort Worth area on behalf of a well-known Texas family. The facilities combined for 438 licensed beds and sold for $27.5 million, or $62,785 per bed, to a private California-based buyer. This is the first closing for Salzman, Blueprint’s new legal mind.

Lastly on the skilled nursing side, Steve Thomes handled the sale of a 40-bed skilled nursing facility located about 20 miles west of Boston. The price was not disclosed.

Blueprint continued its busy month in seniors housing with a closing from Jacob Gehl and Gideon Orion. The pair sold a 148-unit independent living community in Costa Mesa, California for $25 million, or $168,919 per unit. Built in 1990 and owned by the seller, a local family that invests in real estate, since 1995, this community was just 68% occupied at the time of the sale. It was only operating at a 17% margin on approximately $2.5 million of revenues. However, its high barrier-to-entry market location led to a competitive bidding process, and a Washington, D.C.-based real estate private equity firm emerged as the buyer. An Orange County-based seniors housing company will step in to operate.

Then, Ben Firestone and Trent Gherardini handled the sale of the last Lamplight Communities property on behalf of Platinum Health Care, which has been in the process of divesting these properties after acquiring them in the past couple of years. The last sale involves a 95-unit former-Emeritus assisted living community in Sarasota, Florida, which Platinum bought in February 2014 for $3 million, or $31,579 per unit, when it was 80% occupied with a 15% Medicaid census. The community is currently 82.5% occupied, and today it is selling for $4.3 million, or $45,263 per unit. Not a bad return for two and a half years. The operator of the adjacent skilled nursing facility bought the community with the backing of a publicly traded REIT, but a new operator will be brought in.


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