Arizona Skilled Nursing Facility Closes For Highest Per-Bed Price
Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors just sold a brand-new transitional care facility in Flagstaff, Arizona for the highest per-bed price seen in the state for at least five years. While the actual price was not disclosed, according to our Senior Care Acquisition Report, 25th Edition, the highest publicly disclosed price per unit for a SNF sale in Arizona was $180,100 per bed. So, we know it was at least higher than that. Developed in 2018 by Embree Asset Group, a national single-tenant development company, the facility features 50 private beds. It is also well located less than one mile from both downtown Flagstaff and the Flagstaff Medical Center,... Read More »
Colony Capital Sells Connecticut Memory Care Community
A 48-unit memory care community in Clinton, Connecticut (New Haven MSA) has a new, New York-based owner/operator, thanks to the work of Steve Thomes, Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors. According to our M&A database Deal Search Online, this property previously sold in 2013 for $10.5 million, or $218,750 per unit. Previously owned by the private equity firm Westport Capital, it was operating at roughly a 30% margin on approximately $3.2 million of revenues. Occupancy was also close to 100%, with rents ranging from $5,000 to $6,000 per month. So, things were going well. Not only that, the 10-year old community was substantially renovated in... Read More »
Summit LTC Management Acquires East Texas SNF
The Blueprint Healthcare Real Estate Advisors team worked together to sell a 112-bed skilled nursing facility located near the University of Texas Health, East Texas campus in Athens, Texas. Built in 1987, the facility has mostly semi-private rooms. It historically operated well while enrolled in QIPP, but a new local competitor put downward pressure on the facility’s quality mix, and surely on its operating margins too. The undisclosed REIT seller decided to divest, and after five competitive offers, Summit LTC Management, a Fort Worth-based owner/operator, was selected as the buyer. It has an existing presence in East Texas, which should help in the operational turnaround. The... Read More »
Blueprint Sells in Sacramento
Humair Sabir and Jacob Gehl of Blueprint Healthcare Real Estate Advisors worked on behalf of a private ownership group in its sale of a senior living community in Sacramento, California. Originally built in 1997, the community features a mix of 72 independent living, assisted living and memory care units in three integrated buildings. It also has the advantage of being in a desirable area of Sacramento. The seller, Solstar Investments, bought the community from a local investor group in 2015 for $6.85 million, or $95,100 per unit, at a roughly 6.1% cap rate. At the time, occupancy had dropped to just 80% (not that bad these days), and the operating margin could have been improved... Read More »Schedule a demo
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