Blueprint conducted another exclusive and limited process on behalf of a publicly-traded REIT and reputable, regional operator, both of which sought to strategically divest of this non-core asset due to its licensed capacity and vintage. Originally constructed in 1968 and later renovated in 1998, the facility is dually-certified for 50 beds and features only semi-private rooms. While Milcrest is the smallest and the only local facility built before 2000, its superior location in proximity to the local hospital allowed the operator to maintain consistent census and quality mix. The facility was generating over $3,000,000 in total revenue at time of sale.
By utilizing Blueprint’s deep regional market coverage, Blueprint sourced a family-owned and multi-faceted real estate organization ready to expand their presence in the healthcare space.
The purchase price was $2,600,000, or $52,000 per bed.
Ben Firestone and Michael Segal sourced the opportunity, and Connor Doherty led the efforts on the transaction.