A public REIT and its operating partner made the strategic divestment of a senior care portfolio in Pennsylvania. The deal included multiple skilled nursing facilities and two campuses featuring independent living, assisted living (personal care) and memory care units. There are more than 1,000 beds and units mostly concentrated in northeast and central Pennsylvania.
Michael Segal, Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors positioned the portfolio as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with a substantial Medicaid reimbursement rate increase recently passed in the state’s budget. An East Coast-based investor looking to establish a new footprint in the region emerged from nine competitive offers as the buyer, for an undisclosed price.
