An established skilled nursing facility up for sale in East Boston received six competitive offers before a New York-based real estate investment firm with a significant New England portfolio emerged as the buyer. Blueprint Healthcare Real Estate Advisors’ Steve Thomes, Ryan Kelly and Connor Doherty handled the transaction.
Built in 1952 and expanded in 1965, Advocate Healthcare of East Boston operated with 139 beds (but was licensed for 165) and stands five stories tall. The seller was an owner/operator that invested in a substantial renovation of the adult day care wing as well as general improvements throughout the facility. Additionally, the facility received a Determination of Need approval for an extensive renovation project to reposition the property and return it to the 165-bed configuration while making some major life-safety and aesthetic improvements.
Occupancy was around 90%, and the facility was generating $15 million in revenues at the time of the sale. The buyer plans to continue with physical plant improvements and focus on continuing operational efficiencies.
