The team at Blueprint Healthcare Real Estate Advisors continued their successful year, completing two transactions on the West Coast. First up, Chris Hyldahl, Gideon Orion and Amy Sitzman represented a California-based regional owner/operator in its sale of two Arizona skilled nursing facilities to The Ensign Group. Included in the purchase was an 88-bed facility in Mesa built in 1978 and renovated in 2011, and a 115-bed facility in Tucson that was built in 1965 but expanded in 1974. Combined, they were approximately 68% occupied. Ensign ended up paying $15.25 million, or about $61,250 per licensed bed, for both the real estate and operations of the facilities. Its Arizona-based operating subsidiary, Bandera Healthcare, will take over management under a lease. The acquisition is expected to be accretive to 2018 earnings.
Then, in the Pacific Northwest, Ben Firestone, Michael Segal and Michael Mooney sold an independent living/assisted living community in Seattle, Washington, that was subject to an existing triple-net lease. Located in a high-density location just north of downtown Seattle, the property is operated by a local not-for-profit organization, which has consistently turned in sound operating performance and lease coverage. A Seattle-based commercial real estate firm focused on the multifamily market emerged as the buyer, paying $24.5 million, or about $236,000 per unit, which results in a 6.9% yield on current rent.
