The sales were prompted by the Tennessee-based operator’s motivation to concentrate its focus in its core geography. The three facilities sold represented the operator’s entire presence in the Pacific Northwest.
Through a tactical marketing approach targeting both investors and operators, Blueprint identified a growing partnership among a public REIT and a regional operator focused on the Pacific Northwest market. Blueprint positioned the value-add offering as an opportunity for an incoming operator to streamline labor expenses and drive census and mix to improve cash flow. The three successive closings were staggered to properly transition operations.
The purchase price was $10,650,000, or approximately $40,000 per bed.
Ben Firestone and Mike Segal worked to structure the transaction.