Blueprint Healthcare Real Estate Advisors has announced its involvement in the first two phases of LTC Properties’ sale of its Preferred Care portfolio, with three more to go. In the end, the whole portfolio, including approximately 2,500 beds across five states, provided a combined $78 million in net proceeds for LTC. And there were multiple buyers involved in the deal. The first closing was for a 160-bed skilled nursing facility in Mesa, Arizona. Located near regional medical centers such as Banner Baywood and Banner Gateway, the facility was also recently expanded and renovated. Its new owner has an existing footprint in the market, which should help improve census, especially now. The deal closed in late-2019 and was handled by Humair Sabir, Amy Sitzman and Jacob Gehl.
The next closing saw five skilled nursing facilities sell in both major and secondary markets in Texas. Totaling approximately 1,150 beds, the facilities each offered upside potential for the new owner to invest in capital improvements and rein in expenses. The eventual buyer was attracted to the size of the portfolio, thereby allowing them to immediately capitalize on economies of scale and the substantial top-line revenue being generated. This deal closed in the first quarter of 2020, with Messrs. Sabir and Gehl leading the way. Stay tuned to hear about the remaining 16 properties in the portfolio.