A publicly-traded REIT decided to divest (that’s a phrase we’ve heard a lot this year) its 50-unit assisted living community in the Youngstown, Ohio suburb of Boardman. Originally built in 1996 adjacent to a skilled nursing facility owned by the seller, the community was operated by a national skilled nursing operator. It was opened to partly act as a referral source for the SNF. However, as newer communities opened in the area, census fell below average and operational cash flow dropped, prompting the sale.
A property management firm, Boardman-based EDM Management, Inc., acquired the community for an undisclosed price and plans to invest in a series of capital improvements and a potential expansion to better compete with local communities. Ben Firestone, Michael Segal and Connor Doherty of Blueprint Healthcare Real Estate Advisors handled the transaction, which also included the subdivision of the land parcel and the operational transition.
