Blueprint Healthcare Real Estate Advisors announced the final three phases of LTC Properties’ portfolio sale that sold to multiple buyers and closed from late-2019 to the first quarter of this year. It was revealed that seven skilled nursing facilities and about 550 beds in Iowa sold to a private owner/operator. Five of the facilities were located around Des Moines, and all seven offered upside to the new owner if they focused on certain geographical and management-level efficiencies. Humair Sabir and Jacob Gehl of Blueprint handled the deal, which closed in the first quarter.
That same pair then sold three skilled nursing facilities in Colorado, with two located in the Denver MSA and one in the eastern part of the state. There were about 250 skilled nursing beds and 25 assisted living units. A private company with a presence in Colorado was ultimately selected as the buyer and will bring on third-party operators. This sale closed in March.
Finally, Messrs. Sabir and Gehl wrapped up the portfolio disposition with the sale of three skilled nursing facilities and about 250 beds in Kansas. Set in both suburban and rural settings, the portfolio’s clinical profile and expense controls could both be improved. There was an inpatient rehab center included in the deal that was bringing in substantial revenue but required a buyer with experience owning or operating that facility type. LTC ended up choosing the buyer that showed the most certainty to close, and the transaction finalized in March.
