A couple of value-add skilled nursing facilities sold in Arkansas with the help of Ben Firestone, Michael Segal and Brooks Blackmon of Blueprint Healthcare Real Estate Advisors. Previously owned by a publicly-traded REIT, the facilities are located on opposite sides of the state and had almost no geographic synergies. Totaling 234 beds, they reported in-place cash flow but were not stabilized during the sales process.
So, positioning them as a value-add opportunity (if some capital improvements are made), Blueprint found a Louisiana-based healthcare real estate investor to purchase the facilities, which are their first-ever SNFs. To help ease their entry into the market, the buyer kept the existing operator to manage the facilities.
