A publicly-traded REIT and national skilled nursing operator tenant divested a geographical outlier in the state of Ohio with the sale of their 30-unit assisted living community for an undisclosed price. Located in the town of Mansfield (about halfway between Cleveland and Columbus), the community was the tenant’s only assisted living operation in the state, hence the exit. It opened in the 1980s and has consistently been well occupied with stable cash flow, thanks to their enrollment in Ohio’s Assisted Living Waiver Program.
Alternative Living Solutions, a local provider, saw the opportunity to expand the community and acquired it with the help of its regional bank lending partner. Ben Firestone, Michael Segal and Connor Doherty of Blueprint Healthcare Real Estate Advisors handled the transaction.
