Following Blueprint Healthcare Real Estate Advisors’ announced acquisition of Pyms Capital Resources, the brokerage firm highlighted its growing strength with two more deal closings in the middle of the country. First up, Christopher Hyldahl and Giancarlo Riso arranged the sale of a six-facility skilled nursing portfolio in Iowa on behalf of the local owner/operator seller. The portfolio, which includes 273 total dually-certified beds, offers a huge opportunity for improvement to the buyer, a New York-based owner/operator interested in expanding in Iowa. Built over the last 20 years by the seller, the portfolio was just 52% occupied at the time of the sale, but had a quality mix of approximately 41%. Its operating margin hovered around 4% on approximately $8.64 million of revenues, which can certainly be improved. Mr. Hyldahl structured an interim lease agreement, with a purchase option for the buyer to execute within the next 12 months.
Then heading east, Connor Doherty of Blueprint helped an Ohio-based owner/operator divest its two remaining seniors housing assets. Totaling 111 units, these communities are located 30 miles apart in Northeast Ohio. They are apparently nearly stabilized, and new ownership can improve both operational efficiencies and occupancy. That will be the task of the buyer, another Ohio-based owner/operator looking to expand its presence in the region. A purchase price was not disclosed, but based on trailing income, the transaction featured an 8.6% cap rate. That is relatively close to the national average for seniors housing in 2016 of 8.2%, according to the 22nd Edition of The Senior Care Acquisition Report.
