A Southeast-based real estate investor acquired four skilled nursing facilities and found two operating partners to take on their management, thanks in large part to Steve Thomes and Trent Gherardini of Blueprint Healthcare Real Estate Advisors. Previously owned by an East Coast-based operator, three of the facilities are located in the Boston MSA and one is in eastern Georgia between Atlanta and Savannah.
That geographic disparity led Blueprint to find two separate regionally-focused operating groups to enter into two independent leases for the facilities. As a portfolio, the facilities generated more than $2.5 million in EBITDAR on over $29 million of revenues across the 400 beds, for an operating margin of 8.6%. Occupancy stood at 88%, so the new operators have some room for improvement. No purchase price was disclosed.
