Blueprint assists in establishing new partnership between national seniors housing owner-operator and west coast-based skilled nursing operator at Valley View Nursing and Rehabilitation in Boise, Idaho
The well maintained 4-Star CMS rated, 120-bed skilled nursing building is a component of a campus also offering 51 units of independent living and 143 units of assisted living.
The landlord, who also manages the independent and assisted components of the campus, sought a new skilled nursing tenant to work collaboratively to create a thriving continuum of care.
Blueprint procured multiple offers from prospective new tenants with the ultimate partner being selected for their creative plan to turn around operations and show flexibility related to lease structure.
Located in a highly competitive market near the regional hospital, Valley View consistently performed in the 70% occupancy range with a strong quality mix prior to the management transition.
The new tenant stepped into a management role in January 2019 to implement a turnaround plan at the once thriving rehab-focused facility. The management agreement eventually converted to a lease upon approval of the change of manager application by HUD.
At the close of 2020, the management company generated $12.3 million in revenue for a 22.1% EBITDAR margin, outperforming the previous manager by 20% and 10%, respectively.