Blueprint Healthcare Real Estate Advisors handled the sale of five seniors housing communities comprising 250 units along the Blue Ridge Mountains of Virginia. CareTrust REIT announced that it had sold the portfolio earlier in January. Three of the assets were built between 1997 and 2002, one was built in the early 1980s, and the last is a historic landmark dating back to 1916. They sold for $13 million, or $54,000 per bed.
Each of the five communities struggled during the pandemic and were underperforming, which presented an opportunity for an operator to acquire and grow the census back to previously stabilized levels. In a competitive sale process which yielded multiple offers, the ultimate buyer was a family office with experience in turnarounds. Kory Buzin, Michael Segal and Steve Thomes of Blueprint Healthcare Real Estate Advisors handled the transaction.
Following the completion of the transaction, the communities were removed from CareTrust’s applicable master lease with affiliates of Noble Senior Services.
