Blueprint Healthcare Real Estate Advisors previously announced a total of six transactions closing at the end of June and beginning of July, and now the details on a few of those are coming out.
Michael Segal and Ben Firestone have now sold every skilled nursing facility in the eastern Kentucky town of Pikeville. Two years ago, the pair sold a 106-bed SNF located near the 250-bed Pikeville Medical Center, representing the publicly traded REIT seller. Earlier this month, they sold the other. Built in 1979 and renovated in 1987, the 120-bed facility features mostly semi-private rooms. It maintained steady occupancy above 90% and generated consistent revenues over $9 million.
The previous operator had engaged in a sales process for the property before the current REIT owner even acquired the community through a larger portfolio deal in late-2019. After leasing the facility back from the REIT, that operator was still motivated to exit.
Blueprint approached five pre-selected buyer prospects, procured three competitive offers and ultimately selected a local owner/operator seeking to grow its presence in eastern Kentucky. The purchase price was not disclosed, but the seller apparently obtained above-market transaction terms.
Mr. Segal and Mr. Firestone then sold a 32-unit assisted living community in Davison, Michigan (Flint MSA). Built in 1997, the property had been owned by Ventas since 2011 and operated by Brookdale Senior Living. It underwent an expansion and renovation in 2013 and was nearly stable, with positively-trending operating cash flow and census levels consistently above 90%. Private pay residents made up 100% of the census.
There were multiple competing offers from local and regional owner/operators, but small Grand Rapids-based owner/operator Americana Seniors stepped in as the buyer for an undisclosed price. They will take over the operations too, with Blueprint helping to smooth the transaction and licensure process.
Finally, Dan Mahoney, Blake Bozett and Amy Sitzman sold a 56-unit independent living community in Klamath Falls, Oregon. Blueprint brought the property to seniors housing, low-income housing tax credit and multifamily buyers and obtained multiple offers. A regional owner/operator presented an all-cash offer, and the rest was history. All parties worked to bring LOI to closing in just 45 days. The buyer plans to fully renovate the community and reposition it as a more affordable 55+ option.
