Genesis HealthCare decided to exit the Idaho market, prompting its REIT landlord, National Health Investors, to divest its senior care property in Nampa (Boise MSA). The single-story community, which features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds, was Genesis’ only asset in the state.
Blueprint Healthcare Real Estate Advisors’ Michael Segal, Blake Bozett and Lauren Nagle positioned the property as a value-add opportunity, with the potential to realign the different care levels. Cascades Healthcare, a skilled nursing operator started by four healthcare clinicians in 2014 that has now grown to 15 SNFs in Utah and Idaho, emerged as the buyer, paying $3.9 million, or $23,400 per unit/bed. According to the business update, annualized rental income, excluding the impact of any straight-line rents, for the three months prior to the disposition was approximately $0.9 million. The adjusted annualized NOI yield assuming a 4% management fee for this property was approximately (13.8)% with EBITDARM coverage of approximately (0.41)x. Cascades received the state licensure of approval and took over operations before the closing.
