Blueprint Healthcare Real Estate Advisors continues to impress in 2018, having just closed two more transactions to bring its yearly total to 21 deals announced, so far.
Gideon Orion and Chris Hyldahl of Blueprint Healthcare Real Estate Advisors served up a South Texas sale in the town of Robstown, just outside of Corpus Christi. The buyer will have their hands full with this facility. Built in 1969, with a small renovation in 2010, its age did not help operations. As such, occupancy stood at 75%, and the facility operated at a 5.9% EBITDAR margin at the time of the sale. In came Messrs. Orion and Hyldahl, who represented the New York-based owner (with more than 150 skilled nursing facilities nationwide) in the facility’s sale to an East Coast-based REIT. The buyer’s Texas operating partner already has a presence along the Gulf of Mexico and will look to use economies of scale to rally operations in Robstown.
Then, in El Paso, Jacob Gehl and Giancarlo Riso sold a senior living community that also faced some operational challenges. Built in 1997, the community features 75 independent living and 67 assisted living units. Occupancy was just 73% when the sales process started, so Messrs. Gehl and Riso positioned the property as a value-add opportunity, helped by the fact that the community had a good reputation in the local market. Palatine Capital Partners, a real estate private equity firm based in Miami, emerged as the buyer, as part of a new push into the seniors housing industry. The purchase price was not disclosed.
