Cascadia Healthcare announced the acquisition of Pinewood Terrace, a 92-bed skilled nursing facility in Colville, Washington. The facility sits on 1.5 acres just miles from the Canadian border. Blake Bozett of Blueprint Healthcare Real Estate Advisors marketed this asset on behalf of a seller looking to exit the Washington SNF market to pursue acquisitions in states with more favorable reimbursement and fewer regulatory challenges.
Mr. Bozett marketed the asset to regional owner/operators looking to acquire a SNF at an appealing per-bed price with attractive HUD financing. Cascadia emerged as the buyer with the intention to increase their presence in the northern Idaho and Washington area. The price was not disclosed.
