Halfway through 2018, Blueprint Healthcare Real Estate Advisors has so far announced 34 closings, making the prospect of breaking their 2017 record of 53 deals even closer. The firm closed June out with two more transactions featuring skilled nursing divestments in the Northeast. First, in New Jersey, Ben Firestone, Chris Hyldahl, Michael Segal and Gideon Orion sold four skilled nursing facilities totaling 654 beds for an undisclosed price. Located in high-barrier-to-entry markets near New York City and along the Jersey Shore, the facilities have undergone several extensive renovations, including adding new memory care units, ventilator units and outpatient therapy space. The buyer is an owner/operator looking to expand its New Jersey footprint.
Then, across the Delaware River in Pennsylvania, that same foursome sold an eight-property skilled nursing portfolio. The undisclosed seller deemed them to be non-core and received eight initial offers from both investors and regional operators, ultimately settling on New Jersey-based Vita Healthcare Group. Consisting of 1,050 beds, these eight facilities had attractive per-patient day rates but could improve their quality mix. Some also offered high-acuity specialty care. No purchase price was disclosed, but given the facilities’ locations in high barrier-to-entry markets and their solid operations, we would not be surprised if the value pushed above $100,000 per bed.
