Built in 1983 and renovated in 2009, the facility was well maintained and located in a highly desirable market just a few blocks from a major hospital. At the time of sale, however, the property was experiencing operational challenges related to census and escalating liability insurance costs.
The seller elected to engage Blueprint for its regional expertise, as well as its relationships with investors seeking skilled nursing facilities from coast to coast. Blueprint’s marketing strategy focused on the significant upside potential in operating expense control. The competitive bidding process yielded 13 qualified offers from local and regional operators as well as investors nationwide. Ultimately, Blueprint and the seller selected a partnership between a high-net-worth investor and an experienced Florida operator as the buyer, whose offer represented the optimal combination of transaction price and execution certainty.
The purchase price was $12,000,000 or $100,000 per licensed bed.
The transaction was led by Trent Gherardini, Michael Segal, and Ben Firestone.