A portfolio of nine skilled nursing facilities, scattered over eight states, sold for $82 million, according to Blueprint Healthcare Real Estate Advisors, an investment advisory firm that specializes in senior housing and health care real estate deals.
The portfolio consists of 981 licensed beds, with assets in California, Colorado, Idaho, North Carolina, New Mexico, Rhode Island, Washington, and West Virginia. The deal is the first part of a staggered closing that will include an additional four assets, after Department of Housing and Urban Development (HUD) debt assumption, the Chicago-based Blueprint said.
A private equity investor entered into a new triple-net lease with the current operator at market terms as part of the transaction. The portfolio purchase price was about $83,000 per bed.
Blueprint handled the deal for a publicly traded real estate investment trust (REIT).
The deal marks the latest entry in a flurry of SNF portfolio deals: Griffin-American Healthcare REIT IV Inc. recently entered an agreement to purchase a $78.5 million SNF portfolio with facilities in Illinois and Missouri, soon after agreeing to an eight-SNF acquisition in Missouri.
Meanwhile, states ranging from Indiana to Ohio have seen portfolio sales, along with the slew of HUD and bridge-to-HUD refinancings involving portfolios of SNFs and assisted living facilities.
Portfolios of skilled nursing assets have been cropping up in the industry in recent months as the reimbursement environment changes and REITs adjust their portfolios.
Written by Maggie Flynn