Blueprint Handles Large Pacific Northwest Disposition
Amy Sitzman, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors handled the sale of eight small assisted living communities divided evenly between Washington and Oregon. News of the deal came out in June with two separate acquisition financing announcements from JD Stettin of Carnegie Capital, the first for the Oregon communities and the second for the Washington ones. Totaling 321 units of assisted living, the portfolio was previously owned by a joint venture between Sabra Health Care REIT and private equity group TPG, with Enlivant as the operator. They were struggling operationally and seen as value-add opportunities. The new owner will also convert a number of... Read More »
Ignite Medical Resorts Takes Over Oklahoma SNF
Ignite Medical Resorts formally took over operations of a short-term rehab/skilled nursing facility in Bartlesville, Oklahoma. Owned by Sabra Health Care REIT since 2014, this facility was previously operated by Vision Health, which chose to exit the industry along with its two other Oklahoma locations in Norman and Oklahoma City (also taken over by Ignite). Originally built in 1989, it was significantly renovated to become one of the more high-end, transitional care facilities in the market. All of the rooms are private and fitted with ensuite bathrooms, HDTVs and recliners. Amenities are also plentiful and range from full-service restaurant dining to a coffee shop to an on-site... Read More »
Monday’s Massacre
Providers got hurt in Monday’s stock market massacre, but healthcare REITs across the board suffered. We all know that Monday’s massacre in the stock market affected almost all companies. In our sector, the focus has been on providers, since they take care of the highest-risk people as this coronavirus/Covid-19 epidemic spreads. The unprecedented 2,013-point drop in the Dow was bad enough, and providers plunged as well. But so did the healthcare REITs that own their properties. Most of the REITs in our universe dropped by double digits, compared with 7.8% with the Dow and 7.6% with the S&P 500. Diversified Healthcare Trust plunged the most, falling 17.7% on Monday. It was... Read More »
The Portopiccolo Group Makes Another Virginia Purchase
Many skilled nursing owners are exiting the business these days, but family-owned private equity firm The Portopiccolo Group has been actively buying in the last couple of years. Its latest acquisition was the third Virginia property to join its portfolio so far this year, after purchases in Roanoke (February) and Dunn Loring (August). Portopiccolo’s latest target was a 120-bed skilled nursing facility in the rural, southern Virigina town of Emporia. Built in 1971, this facility seems to have been a part of every major SNF deal between institutional investors over the years. Before Portopiccolo’s acquisition, it was acquired by Sabra Health Care REIT in 2017 in the REIT’s takeover of Care... Read More »Schedule a demo
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