The two facilities focus on providing high-acuity Alzheimer’s care within a secured setting. Constructed in 1994 and 2004, the facilities each feature pod-style room configurations with a majority of semi-private rooms. The facilities experienced consistent performance boasting strong occupancy and quality mix at 88% and 63% on a consolidated basis, which equated to generating over $14.4 Million and approximately $1.5 Million in total revenue and EBITDAR, respectively, over the trailing-twelve month period.
Blueprint executed the transaction expeditiously and seamlessly having conducted an exclusive and brief marketing period of only 21 days. The process yielded ten highly competitive offers from qualified prospects with multiple offers at or exceeding the initial offering price. Blueprint selected a buyer that distanced itself from the pack by demonstrating an ability to close the deal within 60 days of executing a letter of intent. The purchase price was $14,200,000, which represents a cap rate of 10.4% and a price of approximately $60,000 per bed.
The purchaser was a privately-held owner/operator with a substantial presence in the Texas market. The seller was a publicly-traded REIT.
Chris Hyldahl and Mike Segal were the lead advisors on the transaction.