Blueprint Facilitates Sale of AL Community in South Carolina
Brooks Blackmon, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors recently facilitated the sale of a 72-unit assisted living community in Columbia, South Carolina. Built in the late-1990s, the all-private pay community recently underwent a $1.25 million renovation. It features all private units and mid-market rates. The marketing process focused on regional owners and operators, and Blueprint ultimately advised the seller to move forward with a buyer that all parties had previously transacted with. Given the level of familiarity between the buyer and seller, as well as the all-cash offer, the transaction closed within 90 days of going under LOI. The buyer will... Read More »
Genesis HealthCare Sells SNF in Indianapolis
Decatur Township Center, a skilled nursing facility, has changed ownership. Formerly owned and operated by Genesis HealthCare, the 88-bed subacute and skilled nursing facility, renamed Chalet Rehabilitation and Healthcare, offers a wide range of services, including long- and short-term care, rehabilitation and more. It was built in 1975 on five acres and was acquired by Genesis from Sabra Health Care REIT in 2017 for an undisclosed price. The new ownership team is a group of skilled nursing facility managers and operators based in Indiana and the Midwest. The group has extensive expertise running similar-sized facilities in rural and suburban areas throughout the region. The change in... Read More »
Blueprint Sells Middle Market Community in Washington State
Blueprint Healthcare Real Estate Advisors’ Dan Mahoney and Ben Firestone sold a well-maintained, 108-unit senior living community in a growing tertiary market in Washington State. The community provides independent living and assisted living services to middle-income seniors and was historically a good performer. But occupancy dipped to 75% during the pandemic. We’ve certainly seen worse declines, but that leaves a good amount of room for improvement for the new owner, a regional buyer looking to grow its footprint in the state. The buyer also has plans to complete a modest unit renovation, update the common areas and increase the community private pay census. Blueprint... Read More »
Knapp-Stahler Group Closes Arizona Deal
Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold a memory care community in an attractive submarket of Scottsdale, Arizona at the end of June. The deal is the first of the newly formed partnership between Mr. Stahler’s and Jim Knapp’s respective broker teams to create a truly national brokerage service. Mr. Stahler brings a focus on the West Coast, while Michigan-based Mr. Knapp will concentrate on East Coast deals, but we imagine the two teams will help each other out whenever needed too. Back to the Scottsdale deal, a 1031 exchange buyer paid $5.1 million, or $127,500 per unit for the property, which was struggling at the time of the sale. Built in... Read More »
Newmark Handles White Oak Disposition
Newmark announced that it has completed White Oak Healthcare Partners’ sale of 31 properties all previously operated by Senior Lifestyle Corporation to two different sellers. We heard of the first two tranches last month, with Welltower announcing it would acquire 29 of the properties for approximately $147 million, transitioning the operation of 22 of the communities to Pathway to Living and the other seven communities to Frontier Management. Totaling 1,103 units, the Pathway portfolio consists of 156 independent living, 835 assisted living and 112 memory care units located in Georgia, California, Washington and Texas. That results in a per-unit price of $87,900 per unit. Welltower had... Read More »Schedule a demo
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