The portfolio, which was originally purchased out of receivership, has been operated by one of the region’s most reputable and well-regarded operators, with nearly all facilities holding at least a 4 out of 5-Star CMS rating.
Blueprint positioned the portfolio offering as an opportunity to acquire both the real estate and the operations, or just the real estate via a sale-leaseback. A competitive bidding environment was created and resulted in multiple qualified offers, with a sale-leaseback structure deemed most attractive to the seller. Finalists in the bidding process included nationally recognized private equity investors, family offices, and private real estate investors. Ultimately, Southern California based Summit Healthcare REIT, Inc., emerged as the winning bidder. The well-known and respected Lake Forest company identified strong synergies with the existing operator, making them the ideal partner.
The purchase price of $60,000,000 was equal to approximately $46,700 per licensed bed.
Steve Thomes, Christopher Hyldahl, and Gideon Orion were the lead advisors on the transaction.