Blueprint heats up
There’s no such thing as a summer lull for Blueprint Healthcare Real Estate Advisors, as the firm closed five transactions (two seniors housing and three skilled nursing) in the past month. First up, Chris Hyldahl, with Gideon Orion supporting, sold a California skilled nursing facility that could certainly add in value. Built in 1963 with an addition in 1970, the building consists of 3 private rooms, 15 two-bedroom units and 22 three-bed wards, for a total of 99 beds, only 95 of which are operational. The facility currently operates at just a 4% margin on approximately $5.7 million of revenues, with an occupancy rate of 88% and a quality mix of 20%. So this transaction represents a good... Read More »
Blueprint in Brookings
The team at Blueprint Healthcare Real Estate Advisors, including Ben Firestone, Jacob Gehl and Trent Gherardini, worked on behalf of a national owner-operator to strategically divest one of its non-core assets. The property being sold is a 36-unit assisted living community in the coastal town of Brookings, Oregon (near the California border). Built 20 years ago, the all-private pay community was struggling a bit with census but could probably benefit from a little more attention, which should come from its new owner, an Oregon-based regional operator/developer familiar with the local market. The buyer also plans on converting the community to higher levels of care, including memory care... Read More »
Flashback Friday
Twenty years ago, a well-operating 59-bed skilled nursing facility sold for $2.25 million, or about $41,000 per bed. With an occupancy of 95%, a 42% private pay census and a 15% operating margin, things were looking up for the 25-year old facility. However, in recent years, operations began to suffer with low occupancy and negative-to-breakeven cash flow as recent as early 2014. But the most recent owner/operator turned it around, stabilizing occupancy to around 90% and improving cash flow. Quality mix is currently in the mid-teens. Now, a regional owner/operator based in southeast Florida looking to expand its presence on Florida’s west coast is purchasing the facility, paying $4.9... Read More »Yuba to be kidding me
A Southern California-based real estate entrepreneur is selling their remaining seniors housing asset, a 71-unit assisted living/memory care community in Yuba City, California that it purchased over 10 years ago. The acquisition was meant to be a turnaround opportunity (the facility was built in 1993), with the buyer bringing in a third-party operator and spending over $1 million in capital improvements since 2008. Today, occupancy is around 91%, and the community is operating at roughly a 34% margin on $2.9 million of revenues. The new owner, a real estate investment and management firm, is growing its seniors housing portfolio, with this deal representing its twelfth acquisition in the... Read More »Schedule a demo
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