Regional Operator Expands Its Southeast Portfolio
A not-for-profit provider of skilled nursing services in the Southeast deemed three of its facilities to be non-core, selling them to a regional operator. Located within an hour’s drive of one another, two of the facilities are located in the Hampton Roads, Virginia, market and one is just over the border in Currituck County, North Carolina. Totaling 429 beds, they were all built in the late-1980s and offered a value-add opportunity to the buyer, especially as a reliable partner for the seller’s hospital discharges in the area. Steve Thomes of Blueprint Healthcare Real Estate Advisors led the transaction, which generated eight competitive offers. The final purchase price was not... Read More »
When an EB-5 Investment Goes Wrong
Sometimes a brand-new physical plant and high-quality operator isn’t enough to keep a senior care facility from hitting financial difficulties. That was the case of a two-year old transitional care facility in Tucson, Arizona that just sold to a Chicago-based owner/operator in a transaction led by Amy Sitzman, Jacob Gehl and Humair Sabir of Blueprint Healthcare Real Estate Advisors. Developed at an approximate cost of $24 million, or $270,000 per bed, the 103-bed facility was not open for very long before it was placed into SEC receivership under the supervision of Thomas Seaman and Associates. Why? The group (unrelated to the operator) who raised the EB-5 equity for the project had... Read More »
Blueprint Arranges Two Assisted Living Transactions
Caring for higher acuity residents in assisted living comes with added risks, staffing needs and costs. That goes without saying. But, by accepting those residents, owners and operators also charge higher rents and expect a higher level of cash flow to compensate them. That is at least what the new owner of two assisted living communities in the Dallas-Fort Worth area is banking on. Amy Sitzman and Joshua Salzman of Blueprint Healthcare Real Estate Advisors represented the seller, a national seniors housing owner/operator, in the transaction. Totaling 114 units, their communities were purpose-built in the late-1990s in established and affluent suburban neighborhoods. Now, Elmington Senior... Read More »
Blueprint Represents Good Samaritan In Arizona Sale
Sioux Falls, South Dakota-based The Evangelical Lutheran Good Samaritan Society exited two of its senior care facilities in the Phoenix area with the help of Amy Sitzman of Blueprint Healthcare Real Estate Advisors. If this deal looks familiar, it’s because The Ensign Group announced early in the May that it was the buyer of the two campuses. Built in various stages from the mid-1970s to the early 2000s, the properties included a Peoria campus with 150 skilled nursing beds and 70 independent living units, and a Mesa campus with 58 SN beds, 88 IL units and 18 assisted living beds. Good Samaritan had recently invested several million dollars in renovations and maintained four- or five-star... Read More »Schedule a demo
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