After more than 30 years in the business, a local owner/operator in Ohio exited the senior care industry with the help of Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Located in the northeast part of the state, the property features 152 total units, with 99 for skilled nursing and 53 for assisted living. It was built in 1976, with a major renovation in 2002.
Operations had been declining during the due diligence period, with occupancy falling 15% from the time it was put under LOI. So, Blueprint worked with the incoming owner, a private equity owner/operator with extensive operating experience in the local market, to limit those declines. In the end, the facility still sold at the original contracted price of $8.5 million, or $55,900 per unit.
