The Evangelical Lutheran Good Samaritan Society continues to strategically trim its post-acute portfolio, selling off a trio of skilled nursing campuses along the Illinois-Iowa border.
The three properties had a total of 214 skilled nursing beds and 65 independent and senior living apartments, according to Blueprint Healthcare Real Estate Advisors — which brokered the deal on behalf of the Sioux Falls, S.D.-based Good Sam.
The buyer and terms were not disclosed, but the new investors installed Allure Healthcare Services as operators at the facilities; the firm has extensive management experience with rural SNFs and senior housing properties, Blueprint noted.
Good Sam has sold small pockets of skilled nursing properties in the wake of its mega-merger with non-profit health system Sanford Health, which closed at the start of this year; when the transaction was first announced back in June 2018, Good Sam reported around 80 skilled nursing facilities in its nationwide portfolio.
The non-profit provider sold off a pair of buildings in New Mexico at the end of January, then two months later offloaded two more to for-profit leader The Ensign Group (Nasdaq: ENSG) in Arizona. Also in March, Good Sam sold three properties in Wisconsin to an undisclosed buyer.
Executives from both Good Sam and Sanford expressed optimism that the deal would bring them more attention on the mergers-and-acquisitions market in a January interview with SNN, though Good Sam CEO David Horazdovsky said that the company was potentially looking beyond traditional health care facilities as executives mulled all of the post-merger options for growth.
“Neither organization is necessarily married to the idea of bricks and mortar,” he told SNN. “There are other ways of care and delivery, so how we’ll move into markets, what that will look like, and what other potential partnerships might come of that — that is all opportunity before us.”
Amy Sitzman and Michael Segal led the transaction for the Chicago-based Blueprint, which has also played a role in the other Good Sam sell-offs this year.