Blueprint Healthcare Real Estate Advisors announced a couple of deals this week, its seventh and eighth announcements of the month so far. First was a CCRC sale in Easley, South Carolina. Built in 1985 and now including 222 units of independent living, assisted living and skilled nursing, Easley Place was previously operated by Brookdale Senior Living before being acquired by Frontline Management and Onelife Investments in 2019 as part of a three-CCRC portfolio.
However, Frontline/Onelife’s turnaround plan was negatively impacted by COVID with operations experiencing a 30% reduction in occupancy which was further compounded by the labor shortage in the market. So, Elevation Financial Group, a private equity real estate investment company, acquired the property and will invest in capex. Elevation will also convert the community to more affordable, middle-market 55+ apartments. Blueprint’s Dan Mahoney and Brooks Blackmon handled the transaction.
Next, Michael Segal, Ben Firestone and Lauren Nagle closed the sale of two skilled nursing facilities in the Kansas City MSA. Meadow View of Harrisonville Health & Rehab and Riverbend Heights Health & Rehab combine for 280 licensed beds. They were built in the 1970s and underwent a tenant transition in 2018 (facilitated by Blueprint) for their REIT owner. A capital improvement project was completed, and operations improved as a result. With those better metrics, the REIT and operator decided sell the facilities to Beacon Healthcare Group for an undisclosed price.
