Built in 1996 adjacent to a skilled nursing facility owned by the seller, Commons at Greenbriar was designed to offer lower acuity, assisted living services in a residential setting and serve as a referral source for the neighboring nursing facility. Occupancy struggled to keep up with the local average as new competitors entered the market, resulting in steadily declining revenues per unit and operational cash flow.
Blueprint targeted local and regional prospective buyers with the value-add offering, procuring several qualified offers. EDM Management, Inc., a well-respected property management and consulting services firm headquartered locally in Boardman, was selected as buyer for its local expertise and acquisition track record. Blueprint actively assisted all parties throughout the due diligence process, which included subdividing the land parcel, as well as the operational transition. The buyer plans to invest in a series of capital improvements and a potential expansion to competitively position the asset among the area’s newer competition.
Ben Firestone, Michael Segal, and Connor Doherty were the lead advisors on the transaction.