A struggling CCRC in Perry, Iowa traded from one not-for-profit owner to another, with Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors facilitating the sale. Set on over 20 acres about 40 miles northwest of Des Moines, the campus was originally built in the late 1950s, with eight independent living cottages added in the 1980s. A more recent $20 million expansion/replacement project in 2014 added 16 assisted living units and 57 new skilled nursing and transitional care beds, plus an eight-unit memory care unit in 2015.
It was owned by a Board of Directors through the Grand Lodge of Iowa, with a trust agreement administered by the District Court of Dallas County, Iowa and Otley Lodge #299 AF&AM. The CCRC was struggling and was on the SFF list, so the Board engaged Health Dimensions Group in 2019 to help stabilize operations.
Discussions for the sale started in late-2019, before the pandemic made operations even more difficult. The Board obtained lender approval to engage Blueprint to run a confidential sale and marketing process that ultimately yielded multiple competitive offers from in-state and out-of-state buyers. However, another local not-for-profit provider with two other senior care campuses in the area, Perry Lutheran Homes, seemed to be the best fit and was selected.
