The facilities were constructed in 1977, 1983 and 1984, and consist of 389 total beds (including 16 assisted living beds). The properties were all under a master lease with an Indiana-based, 156-bed hospital which qualified them to receive an increased ‘UPL’ service revenue, affording both the Hospital and Manager an increased bottom line.
The subject was owned and managed by a reputable Indiana-based company and sold to a Chicago-based family. Purchase price was $17,000,000, or $43,701 per bed.
Christopher Hyldahl, a Managing Director of Blueprint, confidentially approached eleven strategic buyers, which resulted in five probable offers to purchase the portfolio. The marketing process took thirty days from commencement to contract.