Blueprint Announces Two SNF Deals
Two Blueprint Healthcare Real Estate Advisors teams helped a couple of institutional owners divest or find new tenants for their senior care assets. Michael Segal and Gideon Orion first represented a REIT in the re-leasing of its 143-bed skilled nursing facility in San Antonio, Texas. Built in 1967 about 15 minutes north of downtown, the facility maintained a four-star rating from CMS, the highest in the area. Despite three regional hospitals within 10 miles of the facility and its enrollment in the state’s QIPP managed Medicaid program, the SNF struggled with census. Part of a larger portfolio owned by the REIT and operated under a master lease structure with the... Read More »
The Prestige Group Handles Distressed Sale
Jim Baranello of The Prestige Group handled the sale of a distressed personal care/memory care community in Larksville, Pennsylvania, in the Scranton/Wilkes Barre MSA. Built around 2000 and acquired by the current mom & pop seller soon after, the community has 52 beds. It had experienced low census in the 60% range for several years, and the operating environment was obviously made only more difficult in 2020. The sales process started earlier this year, but the final purchase price (which remains undisclosed) stayed approximately the same. A private buyer with other properties in the region stepped in to acquire the community and has plans to improve census and invest in renovations... Read More »
O&M Investments Adds Two California SNFs
Nick Martinez and Todd Okum of O&M Investments picked up a couple of skilled nursing facilities in San Diego County, California. Combined, the facilities have over 250 licensed beds. O&M signed a new long-term lease with the existing tenant, which operates more than 20 facilities in the state. They will also receive $700,000 for capital improvements. The purchase price came to $17 million, or nearly $70,000 per bed. Read More »
Evans Senior Investments Heads Back To Green Springs
Less than a year after selling a small independent living community in Green Springs, Ohio, the team at Evans Senior Investments returned to the site to sell the remaining two facilities on the campus, including a facility with 31 skilled nursing beds and 20 assisted living units and a separate 120-bed skilled nursing facility. In May, Evans had represented the court-appointed receiver in the sale of a six-unit IL community, which was the first phase of its exit. Built in phases from 1963 to 2006, the campus had been owned and operated by a second-generation family member for over 30 years, until they decided to sell in 2016 in order to focus on their existing... Read More »
Well-Operated ALF Sells in Wisconsin
Ray Giannini and Anastasia Pilarski of Marcus & Millichap worked together to sell a 47-unit, private pay senior living community in Rice Lake, Wisconsin for $6.5 million, or $138,300 per unit. Owned by a local husband and wife (who also developed and operated it), the campus includes a 19-unit/20-bed Community Based Residential Facility (CBRF) that was built in 2012 to provide memory care services and a 28-unit Residential Care Apartment Complex (RCAC) built in 2004 for assisted living. Set on over 14 acres, there is also the opportunity for additional development. Occupancy had been in the 90s, and although the facility remained COVID-19 free, it experienced a... Read More »Schedule a demo
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