Acts Retirement-Life Communities decided to shed a non-core property located near Baltimore, Maryland, working with Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors to get the deal done. Built in 1994, the property features 66 skilled nursing beds and 60 assisted living/memory care units in the town of Sykesville, about 20 miles west of Baltimore.
Acts picked up the property in May 2019 as part of a merger with Integrace, another not-for-profit senior care provider with four communities in Maryland. However, the community did not fit in with Acts’ CCRC business model and was slated for sale.
The Blueprint team procured 12 competitive offers during a 30-day confidential marketing effort, and all three final offers exceeded the initial price. In the end, the property sold to an undisclosed buyer for $20 million, or $158,700 per bed/unit.