An Ohio assisted living community that was formerly an elementary school sold to an in-state owner/operator thanks to Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. The duo represented the community’s original developer, which had taken over operational control of the community in 2018 after the previous operator declined their lease renewal. What an eventful several years of operating they signed up for.
Built in 1920, the school was redeveloped into a 52-unit seniors housing community in 2007 and still features a gymnasium, plus the only sit-down restaurant in the town of Antwerp. Outsiders were allowed to dine there, except during the pandemic, of course. There were around 40 residents at the time of the deal, and the community operated close to breakeven. The new Ohio-based owner plans to take advantage of the proposed rent increase to the Ohio Assisted Living Medicaid Waiver program to help boost census and revenues.
