Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors just sold a brand-new transitional care facility in Flagstaff, Arizona for the highest per-bed price seen in the state for at least five years. While the actual price was not disclosed, according to our Senior Care Acquisition Report, 25th Edition, the highest publicly disclosed price per unit for a SNF sale in Arizona was $180,100 per bed. So, we know it was at least higher than that.
Developed in 2018 by Embree Asset Group, a national single-tenant development company, the facility features 50 private beds. It is also well located less than one mile from both downtown Flagstaff and the Flagstaff Medical Center, catering exclusively to private pay, Medicare and Medicare Advantage patients. Welbrook Senior Living entered into a long-term triple-net lease to manage it.
The Blueprint team selectively approached a few buyers with experience in the transitional care market and ultimately found a not-for-profit owner that was interested in making a long-term investment. The Goodman Group was then brought in as the new manager, and the deal was closed at the end of July. Embree Capital Markets Group advised the seller while also providing the capital and sourcing the debt for the development. A local bank that had previously worked with Goodman provided debt for the acquisition.
There were several other Blueprint deals closed around this time, including another Arizona sale of a 224-unit seniors housing campus, a 60-bed skilled nursing facility in Kansas, and a 133-unit assisted living/memory care community in Cleveland, Ohio. Check back later in the week for details on those deals.
