Blueprint announced two closings, with one in the Southeast and one in Pennsylvania. First, not-for-profit Ballad Health divested its senior care portfolio that was geographically concentrated in Eastern Tennessee and Southwest Virginia. The portfolio included four assets with regional concentration along the border of Tennessee and Virginia, including three skilled nursing facilities and one assisted living community, totaling 402 licensed beds.
The portfolio presented an attractive opportunity for a regional-based owner/operator to achieve immediate scale with operational upside, while capitalizing on the strong referral relationships through the seller’s broader acute care health system. There were multiple competitive offers from a variety of investor profiles before the seller ultimately selected Ahava Healthcare, a New York-based owner/operator with an existing footprint in Tennessee. Ahava was selected for its patient-centric approach delivering quality care and its ability to transact and transition this portfolio. Upon closing, the seller and buyer entered into a new joint venture relationship, with the seller retaining a minority share in the portfolio. Michael Segal, Kyle Hallion and Daniel Waldhorn handled the transaction.
In a separate transaction, a Boston-based, national real estate investment firm engaged Blueprint to sell a distressed assisted living/memory care community with around 85 units in the Pittsburgh suburb of Monroeville, Pennsylvania. The community experienced a series of operational setbacks post-COVID, culminating in the rupturing of a nearby water main, which flooded large portions of the community. All residents had to be evacuated, and ownership had to determine whether to reinvest and reopen as a seniors housing community or explore other potential uses. They turned to Blueprint for guidance.
There was a narrow path to re-zoning the asset for a behavioral healthcare use, which drove up the sale price of the vacant asset. Blueprint identified the buyer, a Pennsylvania-based entity with extensive regional experience, which submitted a compelling offer along with a comprehensive plan to receive the appropriate zoning approvals. Blueprint helped the seller navigate the complex diligence process, involving both a parking and zoning variance prior to a closing. Andrew Sfreddo, Jacob Gehl, Kory Buzin and Steve Thomes handled the transaction.
