Coming off an incredibly strong 2018 in M&A (particularly on the skilled nursing side), Jacob Gehl and Scott Frazier of Blueprint Healthcare Real Estate Advisors announced an assisted living sale in Northern California. The pair represented the single-asset owner/operator that was based in California but was looking to exit the industry. The 145-bed community in Lodi currently features no memory care, but the incoming owner and operator are looking to change that, in addition to implementing some substantial renovations. Atlantis Senior Living and a Northern California-based operator teamed up to acquire the community for an undisclosed price.
Mr. Gehl was also involved in the sale of a memory care community in Phoenix, Arizona, previously owned by Senior Resource Group. Check out that story here.
Finally, we learned of Blueprint’s involvement in CareTrust REIT’s latest acquisition in southern Illinois. The target, a healthcare campus that includes a 90-bed skilled nursing facility and a 38-bed supportive living facility, had been owned by Arkansas-based General Baptist Health Care since its 1981 acquisition, but General Baptist was looking to exit Illinois altogether with this disposition. CareTrust REIT’s regional operating partner WLC Management Firm took over operations. The purchase price, inclusive of transaction costs, turned out to be approximately $9.0 million, or over $70,000 per unit. Michael Segal and Josh Salzman handled that transaction.
