Blueprint Healthcare Real Estate Advisors handled a couple of senior care sales in the state of Ohio comprising a total of four properties. Connor Doherty, Michael Segal and Ryan Kelly handled the larger transaction, which featured three skilled nursing facilities located in Canton, Toledo and Rockford. That’s about 200 miles across the state.
Originally built in the 1960s and 1970s with significant renovations and upgrades since 2015, the facilities comprise more than 300 beds. They were well maintained, and the consolidated performance was steadily improving along with its occupancy until COVID-19 hit. At the onset of the pandemic, the REIT owner and operating partner decided to sell the asset. The process yielded seven competitive offers, with an East Coast-based equity investor and regionally-focused operator rising above the rest. No purchase price was disclosed.
The smaller deal saw Mr. Doherty and Jacob Gehl sell a 64-unit assisted living community in Austintown, in the northeast part of Ohio. Built in 2005 and opening a secure memory care unit in 2013, the community features 84 total licensed beds, of which 72 were operational. Its operating performance was historically consistent and strong.
Several years ago, on behalf of the high-net-worth family owner, Blueprint negotiated a lease of the community to Continuing Healthcare Solutions, a regional operator. Now, Continuing Healthcare Solutions is executing on its purchase option for the community, at an undisclosed price.
