Blueprint Healthcare Real Estate Advisors announced a couple of Ohio closings at the start of June. The firm first sold an 88-bed skilled nursing facility in Orrville, a small town about 40 miles south of Cleveland. Originally built in 1974, the facility was recently renovated and also features two independent living cottages totaling eight units. However, it was operating around breakeven, so the existing owner/operator decided to divest. A partnership between a high-acuity skilled nursing operator and O&M Investments, a private equity firm focused on the SNF market, emerged as the buyer. Connor Doherty and Brian Payant led the transaction, which did not disclose a purchase price.
Mr. Doherty continued his work in Dayton, where he was joined by Ben Firestone and Michael Segal to sell a 113-unit assisted living/memory care community. They represented the publicly traded REIT seller, which previously had a national operator managing the property. Built in 1994, the community was purpose-built and catered to higher acuity residents, which was not a focus of the prior operator. A shuffle in local leadership also caused operations to slide. Highlighting the property’s turnaround opportunity, the Blueprint team found a private owner/operator to step in as the buyer, closing the transaction about 60 days after offer acceptance.
Finally, that same trio sold a portfolio of five assisted living/memory care communities in Ohio, as well as in Indiana. The same publicly traded REIT and national operator partner were again the sellers. Built in the 1990s and totaling over 300 units, these communities ranged in size from 42 units to 137 units, with an almost exclusively private pay census. The portfolio was cash-flowing, and there were also opportunities for memory care expansions at some of the locations. Looking to expand its Midwest assets, a well-capitalized private investor acquired the portfolio, with another efficient closing courtesy of Blueprint.