Blueprint Healthcare Real Estate Advisors represented a public REIT in the sale of two skilled nursing facilities in the Atlanta, Georgia area. The sale is part of a larger portfolio with staggered closings.
Totaling 333 licensed beds, the two facilities are located in the affluent suburbs of Buckhead and Marietta near two regional hospitals and other referral sources. Despite the labor challenges impacting the local market and the current state of the economy, the facilities maintained a steadily improving census and revenue coming out of the pandemic.
As we have seen in the SNF market all year, Blueprint received a slew of competitive offers resulting in the selection of an East Coast-based acquirer and operator partnership actively seeking to expand its platform in the metro Atlanta area. Michael Segal and Ben Firestone handled the transaction.
Blueprint also handled the sale of a skilled nursing facility in Lowell, Massachusetts. The 90-bed facility sits in close proximity to Lowell General Hospital and had historically maintained stable census levels with a steady stream of referrals and admissions. The buyer is a regional acquirer which plans to focus on operational efficiencies, including addressing staffing challenges, as well as investing into capital projects at the facility. Steve Thomes, Michael Segal and Brooks Blackmon represented the seller, a joint venture owner, in the transaction.
That wasn’t all for Blueprint. To cap off the busy week, Mr. Blackmon, Amy Sitzman and Giancarlo Riso closed the sale of a CCRC in Mobile, Alabama. Built in 1985 and expanded in 1987, 1993 and 1996, Knollwood Healthcare & Gordon Oaks Senior Living comprises 279 units of skilled nursing, independent living, assisted living and memory care.
Healthcare Management Partners, the court-appointed receiver, engaged Blueprint in the fall of 2021 to help run a stalking horse bidding process. MED Healthcare was that stalking horse and emerged as the winning bidder for a purchase price of $12 million, according to public filings.
