DONE DEAL:
Shake ‘n Bake
Blueprint is pleased to announce the successful sale of Shaker Gardens, a 172-unit/bed assisted living and skilled nursing facility located in the upscale Cleveland, Ohio suburb of Shaker Heights. The seller, a private equity investment firm, engaged Blueprint to lead the sales process following a successful renovation and subsequent lease-up of the facility.

Shaker Gardens features 122 assisted living beds and 50 licensed skilled nursing beds and is situated near a new, transformative commercial development in downtown Shaker Heights. The facility was originally acquired as a value-add opportunity and, following substantial capital improvements, occupancy steadily climbed to 85% with over 70% of the assisted living resident population enrolled in Ohio’s Assisted Living Waiver Program.

Blueprint positioned the offering by highlighting the improved operational performance and sustainability supported by the state’s Medicaid program. Blueprint sourced the buyer, a well-capitalized, New York-based private owner-operator, that sought to continue improving the facility’s already steady operational performance. The buyer was identified and ultimately selected for its creative capital structure and execution capabilities, which it demonstrated throughout the transaction process. This is the buyer’s first Ohio healthcare acquisition.

The purchase price was $13.5 million.

The transaction was handled by Ben Firestone, Michael Segal, and Connor Doherty.

LEAD ADVISORS
Ben Firestone
Senior Managing Director, Founding Partner
(312) 300-4000
bfirestone@blueprintHCRE.com
Michael Segal
Managing Director
(312) 300-4137
msegal@blueprintHCRE.com
Connor Doherty
Director
(312) 300-4834
cdoherty@blueprintHCRE.com