Pyramid Healthcare Management Enters the Skilled Nursing Market
There’s a new entrant to the skilled nursing market. Northeast-based Pyramid Healthcare Management is a recently formed provider, run by two principals in New York and a Tennessee-based principal with operating experience. That will come in handy with the company’s first acquisition for two skilled nursing facilities in Georgia. Both built around 1970, these facilities are considered to be “value-add,” and are being strategically divested by the publicly traded REIT owner. The 100-bed facility in Rome and the 210-bed facility in Columbus combined for 81% occupancy (just below the national average), with a quality mix at about 20%. And while they brought in approximately $15 million in... Read More »Go West, Young Broker
The team at Blueprint Healthcare Real Estate Advisors continued their successful year, completing two transactions on the West Coast. First up, Chris Hyldahl, Gideon Orion and Amy Sitzman represented a California-based regional owner/operator in its sale of two Arizona skilled nursing facilities to The Ensign Group. Included in the purchase was an 88-bed facility in Mesa built in 1978 and renovated in 2011, and a 115-bed facility in Tucson that was built in 1965 but expanded in 1974. Combined, they were approximately 68% occupied. Ensign ended up paying $15.25 million, or about $61,250 per licensed bed, for both the real estate and operations of the facilities. Its Arizona-based operating... Read More »
Mozart Healthcare Hits a High Note
Mozart Healthcare is on the move in the Old Northwest. Last month, the company acquired a 145-unit mid-rise independent living community last month in Allen Park, Michigan (Detroit MSA), in a transaction led by Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors. Now, the firm, which is headed by Benjamin and Archie Shkop, has added two more skilled nursing facilities in Ohio to its portfolio. These recent deals were the fifth and sixth acquisitions for Skokie, Illinois-based Mozart, which was founded in 2016. The Ohio facilities were built in the 1990s in major metro areas and feature good physical plants. They were, however, deemed to be non-core by the... Read More »Skilled Nursing Sales Skyrocket in September
The start of September saw a large number of skilled nursing acquisitions announced, mostly at lower prices, with the exception of CareTrust REIT’s purchase of seven SNFs in Idaho for $65.5 million, or $114,700 per bed. Another deal, facilitated by Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors, didn’t feature a price but involved an aging facility with room for improvement. Built in 1974, the multistory facility is the largest SNF in the area, with 297 licensed beds. However, it doesn’t operate at capacity, and while the lobby, first floor and second floor, which have short-term rehab and therapy services, have been renovated in the past few years, the upper... Read More »Schedule a demo
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