Plugging along this summer with a healthy number of transactions closed so far has been the team at Blueprint Healthcare Real Estate Advisors. After announcing five deals since the start of June, the firm closed two more this August in the Midwest. First, to Ohio, where the team of Connor Doherty and Brian Payant represented an Ohio-based owner/operator in its sale of two skilled nursing facilities for $16.75 million, or $66,500 per bed. Both assets were cash flow-neutral and could obviously improve their operations. That will be the job of the buyer, another Ohio-based owner/operator.
Blueprint continued their work over the border in Michigan, with Ben Firestone and Michael Segal selling a 145-unit independent living community in Allen Park (Detroit MSA). The mid-rise community was built in the 1970s and has a history of strong occupancy over 90%. As the only IL community in the town, it also operated well, at a margin of approximately 35%. The real estate private equity investor seller has decided to move on, handing over the keys to Mozart Healthcare, a growing investor in seniors housing with a reputation for acquiring and managing skilled nursing facilities.
