Blueprint was engaged by a Houston-based real estate developer and investment firm to facilitate the sale of a skilled nursing facility in El Paso, Texas. The facility had been leased to a subsidiary of Vibra Healthcare, a national specialty hospital and skilled nursing operator based in Pennsylvania.
Built in 2017, VibraLife El Paso features 60 transitional care beds, 16 assisted living beds and 16 memory care beds with 63 physical units including 34 private suite accommodations. It maintained stable assisted living and memory care occupancy while boasting a high-quality transitional care payor mix. However, the transitional care census was stagnant due to shorter average length of stay, a competitive market setting and limited dually certified beds. As a result, operational cash flow was constrained.
Blueprint procured multiple competitive offers from investors and operators with a presence in Texas and comfortability with the transitional care model, advising the seller to proceed with Ignite Medical Resorts, a national owner/operator that recently acquired a similar facility in a Houston suburb through a Blueprint sale process on behalf of the same seller.
Michael Segal, Amy Sitzman and Giancarlo Riso handled the transaction, which closed 70 days after offer acceptance. Ignite will assume the existing property-level debt.
