Blueprint Healthcare Real Estate Advisors late last week announced the successful sale of a seven-building skilled nursing portfolio across Alabama.
The Chicago-based brokerage didn’t name the buyer or seller, though Blueprint did indicate that the portfolio went to a long-term care provider with an existing footprint in the state. The new operators plan to capitalize on its expanded scale to streamline the overall operations, according to the firm.
Blueprint director Brooks Blackmon served as the lead advisor on the transaction.
Private Equity Investor Tryko Expands in Philadelphia
Trkyo Partners late last week announced its acquisition of Glendale Uptown Home, a 240-bed skilled nursing facility in Philadelphia.
The Brick, N.J.-based private equity firm renamed the property Roosevelt Rehabilitation & Healthcare Center and installed its health care affiliate, Marquis Health Services, as the new operator.
Uri Kahanow, Tryko’s director of acquisitions, touted the firm’s presence in the greater Philadelphia market in a statement announcing the deal, pointing to its investments in the Kearsley Rehabilitation & Nursing Center in Philadelphia and the Providence Rehabilitation & Healthcare Center in the suburb of Yeadon, Pa.
“We remain focused on expanding within this appealing market,” Kahanow said. “Roosevelt Rehabilitation & Healthcare Center’s prime location and our existing facilities’ established strong relationships within the regional healthcare community made it an ideal addition for our portfolio.”
Trkyo and Marquis will embark on a multi-million-dollar renovation of the four-story building, including the addition of a new therapy gym and upgrades to resident rooms and common spaces.
The new building brings Marquis’s footprint up to about 4,500 skilled nursing beds and 2,000 independent living units across New England and the Mid-Atlantic.
Kindred to Shutter Four LTACs
Former skilled nursing giant Kindred Healthcare last week announced plans to close four long-term acute care hospitals (LTACs) in the Houston marketplace, according to a report in the local Community Impact Newspaper.
The LTAC closures will also coincide with the shutdown of two acute-care hospitals in the Dallas-Fort Worth area, the publication reported, with a tentative closure date of March 17.
“Kindred regularly reviews its portfolio and looks for opportunities to reposition assets so that we can provide services where and when patients need them most,” Kindred division vice president Stephanie Madrid told the paper in a statement. “In order to improve our efficiency in the Houston market, we have decided to consolidate our Houston footprint.”
Once a heavyweight in the nursing home industry, the Louisville, Ky.-based Kindred exited the marketplace in 2017 in a $700 million deal that saw the operator sell most of its skilled nursing facilities to a joint venture of BlueMountain Capital Management.
Madrid emphasized that the company will continue to operate LTACs in the Houston area.
“Kindred Hospitals of Houston is and will continue to be the market leader for discharges to LTAC hospitals in our community,” Madrid said, according to the report. “We fully expect to continue this level of service to the Houston market given the quality of care, patient experience, and innovative solutions we provide to the community.”